US Bitcoin ETFs See Continued Withdrawals as Digital Asset Struggles Below $65K
American spot Bitcoin exchange-traded funds experienced four consecutive days of investor withdrawals amounting to $526 million while Bitcoin encountered fresh selling momentum following its inability to maintain the $65,000 price level.
Exchange-traded funds tracking spot Bitcoin in the United States continued their withdrawal pattern for a fourth straight trading day, with approximately $49.8 million exiting these investment vehicles as the cryptocurrency temporarily declined to the $63,000 mark.
The four consecutive trading sessions saw Bitcoin ETFs experience combined net withdrawals of approximately $526 million, with the most significant outflows occurring on July 24 and July 23, reaching roughly $240 million and $225 million respectively, based on data from SoSoValue.
Notwithstanding the current wave of selling activity, aggregate net inflows maintained their position at $51.3 billion, while the total net assets remained positioned at $77.2 billion as of July 28.
These withdrawals came on the heels of a seven-day period of inflows that accumulated close to $1 billion, underscoring a return to market volatility following Bitcoin's failure to sustain price levels above $65,000. Darkfost, a community analyst at CryptoQuant, indicated that Bitcoin's transition back to a bullish trajectory would necessitate fresh demand and enhanced market conditions. He noted that Bitcoin spot trading volumes across major exchanges have experienced a dramatic decline from late 2024 figures, with Binance registering approximately $35 billion in July spot volume in contrast to $246 billion recorded in November 2024.
As of the time of writing, Bitcoin was changing hands at $64,371, reflecting a 2.7% increase over the preceding seven days, based on data from CoinGecko. Bitcoin momentarily fell to as low as $63,100 on Thursday, representing its weakest price point since July 17.