Summary
- U.S. spot Bitcoin ETFs continue to see persistent net outflows.
- Glassnode said the seven-day average flow for spot ETFs was nearing the weakest level of this cycle, indicating buying demand has weakened sharply.
- Market participants view spot ETF fund flows as a key factor in Bitcoin’s near-term direction, and continued outflows could make it harder for institutional buying to absorb price declines.
Forecast Trend Report by Period
U.S. spot Bitcoin exchange-traded funds continue to post net outflows, according to on-chain analytics firm Glassnode. The slowdown in spot ETF demand coincided with Bitcoin retreating from $82,000 to about $69,000, it said.
Glassnode wrote on X on June 2 that fund flows for U.S. spot Bitcoin ETFs had turned back to sustained net outflows.
The seven-day average flow for spot Bitcoin ETFs is nearing the weakest level of this cycle, the firm said. That indicates buying demand through the products has weakened sharply.
“This shift in fund flows overlaps with the period when Bitcoin retraced from $82,000 to $69,000,” Glassnode wrote. The data shows ETF demand has materially weakened, it added.
Market participants view spot ETF flows as a key factor in Bitcoin’s near-term direction. If net outflows persist, institutional buying may struggle to absorb further price declines.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
