Bitcoin ETFs Suffer Heavy Outflows as BTC Fails to Hold $65K

Bitcoin's recent failure to hold above $65,000 has led to renewed selling pressure on the cryptocurrency. This selling pressure has extended to US-listed spot Bitcoin exchange-traded funds (ETFs), which have recorded four consecutive trading sessions of outflows totaling $526 million. The largest withdrawals occurred on July 24 and July 23, with investors pulling out about $240 million and $225 million, respectively.

The total net assets of these ETFs stand at $77.2 billion as of July 28, despite the recent outflows. This is because cumulative net inflows remain at $51.3 billion. However, the renewed selling pressure on Bitcoin is a cause for concern, with crypto analyst Darkfost stating that Bitcoin's return to a bullish trend would require renewed demand and improving market conditions.

Darkfost also pointed out that Bitcoin spot volumes have fallen sharply from late 2024 levels, with Binance recording about $35 billion in July spot volume compared with $246 billion in November 2024. At the time of publication, Bitcoin was trading at $64,371, up 2.7% over the past seven days.