Bitcoin ETFs Suffer Substantial Outflows Amid Bearish Market Sentiment

Bitcoin's Exchange-Traded Funds (ETFs) saw significant outflows last week. According to recent data, the total net outflow from Bitcoin ETFs reached a staggering -49.7 million on July 28th. This substantial drop in investor interest was primarily driven by IBIT, which posted a massive -54.8 million outflow.

Meanwhile, Bitcoin itself saw a more modest inflow of +5.1 million. The cryptocurrency is currently trading within the Bollinger bands at $63,743.17. Technical indicators are also painting a bearish picture for BTC, with an EMA50 at $44,487.34 capping price and an EMA200 at $38,889.43 offering nearby resistance.

The MACD death cross is another ominous sign for Bitcoin bulls, with a reading of -298.5. This has kept the 4-hour structure bearish even as the Relative Strength Index (RSI) remains neutral at 41.42. As such, market analysts are pointing to a likely test of the 50-EMA before any sustained move higher.