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The price of Bitcoin (BTC) is trying to hit the next highs, but there are a plethora of hurdles in its path. The market witnessed a selling trend today, hindering price growth. Another major hurdle is the lack of investor interest and confidence in Bitcoin spot ETFs, leading to significantly greater outflows.
According to the latest data from SosoValue, Bitcoin ETFs struggled throughout last week. The market witnessed outflows of $301 million from Sept. 30 to Oct. 4. During this time, Grayscale’s GBTC witnessed an outflow of around $47 million, and ARK & 21Shares ETF ARKB had an outflow of $206 million.
Interestingly, BlackRock’s IBIT defied all the odds and continued its trend of garnering significant investor interest and confidence. While its counterparts struggled to get any inflows, the BlackRock Bitcoin ETF witnessed an inflow of a whopping $135 million during the same period. This unique trend shows the major role of BlackRock for Bitcoin investments.
Future outlook
As of Oct. 4, the total daily net inflow of Bitcoin Spot ETFs stands at $25.59 million, and the total value traded is around $1.19 billion. Despite recent outflows, the cumulative total net inflow is around $18.5 billion, showing the significant growth of these investment products in the broader outlook.
Meanwhile, the total net assets stand around $57.73 billion, which is about 4.68% of the entire Bitcoin market cap. These figures highlight that despite the negative trend seen last week, Bitcoin ETFs have performed well in the long term. Moreover, the price of Bitcoin has also performed well in recent days.
As of writing this article, BTC is trading at $62,974 after a jump of 1.41% in the last 24 hours. However, it should be noted that Bitcoin has failed to clear $64,000, and now, it has even dipped below $63,000. Holding the support level of $63,000 is crucial for the BTC price as it will help in claiming the next highs.