Cryptocurrency prices have been plummeting over the last few days to the point the price of Bitcoin briefly dropped below the $80,000 mark after its worst three-day performance since the collapse of FTX. Adding to the market’s woes, spot Bitcoin exchange-traded funds (ETFs) have seen an eight-day outflow of $3.2 billion.
This sustained outflow, matching a similar streak in August 2024, marks the most prolonged period of investor retreat since the funds’ inception early last year.
Data from SoSoValue shows a reversal of fortune for the once-booming Bitcoin ETFs. Only four days in the current month have seen net inflows, resulting in a staggering $3.65 billion in net monthly outflows. The largest outflow came on Tuesday, with a record $1.14 billion leaving these funds.
BlackRock’s IBIT, the largest BTC ETF by net assets, experienced its largest single-day outflow of $418 million the following day. Only Bitwise’s BITB reported net inflows, a modest $17.6 million.
The cumulative net inflows for the 12 Bitcoin funds have now dwindled to $36.85 billion, the lowest level since January 14, with the ETFs holding $94.3 billion in net assets, representing approximately 5.7% of BTC’s market capitalization.
The turmoil extends beyond BTC, as spot Ether ETFs also saw $71 million in net outflows on Thursday, marking six consecutive days of withdrawals totaling $315 million.
Bitcoin Seen Rising $200,000 This Year
Despite the turmoil affecting cryptocurrency markets, Standard Chartered analyst Geoffrey Kendrick has maintained that the price of the flagship cryptocurrency will rise to $200,000 this year.
His prediction doesn’t end there, however, as Kendrick sees the cryptocurrency surge to $500,000 before the end of the Trump administration’s tenure. The prediction is based on institutional interest and growing regulatory clarity.
