Bitcoin Price Pressured by Consecutive Spot ETF Outflows

The Bitcoin price has been facing pressure as spot ETF outflows continued to extend beyond two days. On August 14, U.S. spot Bitcoin ETFs recorded $57.63 million in net outflows, marking the third consecutive day of withdrawals.

This comes at a time when Bitcoin traded near $62,800 to $63,000 during Friday trading. Investopedia reported Bitcoin near $62,500 that morning, while Economic Times placed it at $62,847.

The outflows were largely driven by BlackRock's IBIT, which accounted for most of the daily withdrawals with $55.51 million in net outflows, equivalent to approximately 883.34 BTC. Fidelity's FBTC also registered withdrawals, with $6.84 million leaving the fund.

This development is concerning as it indicates deeper holder losses and a weakening market positioning. The Bitcoin supply in profit has fallen to 51.4%, its lowest level in over three years, pointing to almost half of circulating supply sitting at an unrealized loss.