Bitcoin Stuck Near $63K as ETF Outflows and Price Action Weaken

Bitcoin's price has been struggling to reach $65,000, failing multiple times as it trades near $63,000. The cryptocurrency's value has been under pressure due to US spot Bitcoin ETF outflows and weakening short-term price action.

According to SoSoValue data, US spot Bitcoin ETFs recorded about $131 million in net outflows on August 13, with ARK 21Shares' ARKB leading the withdrawals at around $58.8 million. This is part of a larger trend of withdrawals from these funds, which have reduced one of Bitcoin's main sources of buying demand.

Spot Bitcoin ETFs posted $144.6 million in net outflows on August 10, followed by just $7.8 million of inflows on August 11 before withdrawals resumed over the next two sessions. The selling has kept BTC under pressure and struggling to hold its recent highs.