Bitcoin Holds Key Support Level Amid $465M ETF Outflows

Bitcoin's recent surge has seen it maintain its key $64K support level despite outflows of $465.26 million from U.S. spot funds over the past two days.

The withdrawals, which totaled nearly half a billion dollars, ended seven consecutive sessions of inflows, with BlackRock's IBIT accounting for almost $415 million of the total.

However, the spot offerings from the U.S. attracted $33.79 million during this period, marking their third consecutive positive week and earning them $197 million and $75.67 million in the preceding weeks.

Ivan Lim, senior derivatives trader at FalconX, attributed the reversal of Bitcoin ETF flows to two factors: the lack of further developments regarding the CLARITY Act and rising expectations of an interest rate hike by the Federal Reserve.