Bitcoin Price Takes a Hit as Spot ETF Outflows Reach $57.63 Million

Bitcoin's price has been under pressure as spot ETF outflows reached $57.63 million on August 14, marking the third consecutive day of withdrawals.

The outflows are largely attributed to BlackRock's IBIT fund, which accounted for most of the daily withdrawals with a net loss of $55.51 million or approximately 883.34 BTC.

Meanwhile, Bitcoin supply in profit has fallen to 51.4%, its lowest level in over three years, indicating that almost half of circulating supply is sitting at an unrealized loss.

The metric compares each Bitcoin UTXO's last movement price with the asset's current market value, and it shows that short-term holders who entered at higher prices are carrying larger unrealized losses.