Standard Chartered: "Bitcoin May Face Further Decline Due to Spot ETF Impact"

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Summary

Jeff Kendrick, Standard Chartered analyst, warned that Bitcoin could face further decline due to capital outflows from spot ETFs.
U.S. Bitcoin spot ETF outflows reached a record high, marking six consecutive days of net outflows.
The average purchase price of Bitcoin spot ETFs is $97,000, with losses reaching $1.3 billion since the presidential election.

Analysts suggest Bitcoin (BTC) could face additional downward pressure due to outflows from spot ETFs.

On the 26th (local time), Jeff Kendrick, Standard Chartered's cryptocurrency analyst, warned through an interview with The Block that "multiple Bitcoin spot ETFs are experiencing continuous capital outflows" and "Bitcoin could face further decline." He added that "the selling pressure from Bitcoin spot ETFs is not over yet."

The previous day, U.S. Bitcoin spot ETFs recorded their largest-ever net outflow of $935.40 million, marking the sixth consecutive trading day of net outflows.

According to Kendrick, the current average purchase price of U.S. Bitcoin spot ETFs is $97,000. Additionally, the loss on funds invested in Bitcoin ETFs since the U.S. presidential election amounts to $1.3 billion.

BTC