U.S. spot Bitcoin ETFs have witnessed net outflows of almost $300 million in the past two days.
The Bitcoin price has successfully reclaimed the $65,000 mark after it sank down towards $64,000 yesterday. The leading cryptocurrency is seemingly range bound between $65,500 and $64,000, according to analysts.
Bitcoin’s short-term price movement will thus likely remain muted in the absence of any key catalysts. And the worrying trend of institutional investors selling their Bitcoin ETF shares from last week still persists.
In the past two days, U.S. spot Bitcoin ETFs saw net outflows of $298 million, according to data analytics platform SoSovalue. Since the beginning of last week, June 10, Bitcoin funds in the states have seen net outflows of $879 million.

Bitcoin ETFs Cool as Crypto Funds Post Biggest Losses Since March
The Federal Reserve’s hawkish stance last week has seemingly lowered institutional investors’ confidence in the markets, as total outflows across all crypto exchange-traded products (ETPs) last week stood at $600 million. That makes last week the worst for crypto ETP—including ETF—outflows since March. Investors appear to have lost confidence because of the dot plot—a collection of forecasts by the Fed presidents and governors. The plot now indicates that the Federal Reserve anticipates only one...
Yesterday Fidelity’s FBTC fund saw the highest outflow of $175 million, while Grayscale Investments’ GBTC fund witnessed an outflow of $65 million.
Last week, institutional investors took out $621 million from Bitcoin ETFs after the Federal Reserve’s stance turned out to be more hawkish than what market participants had anticipated.
Meanwhile, Bitcoin derivatives traders have lost $32 million to liquidations in the past 24 hours, with long liquidations accounting for $20 million, according to derivatives analytics platform Coinglass.
The relentless net outflows have damped investors’ confidence as Bitcoin has dropped by 6% in the past 7 days, according to CoinGecko.
A BRN trading desk note shared with Decrypt indicated that Bitcoin could potentially witness a trend reversal if ETFs’ inflows exceeded outflows.

Donald Trump Calls for 'Made in the USA' BTC After Meeting With Bitcoin Miners
Former president and convicted felon Donald Trump said after a campaign event with Bitcoin miners that he wants "all remaining Bitcoin made in the USA." The remark was made on his alt-tech social media platform, Truth Social, after a meeting with Bitcoin Magazine CEO David Bailey and execs from publicly traded BTC miners CleanSpark, Riot Platforms, and Marathon Digital. His vow last night and yet another appeal to the U.S. crypto industry heading into the 2024 presidential election. In the lates...
The note went on to state that Trump’s pro-mining stance could benefit miners massively in the coming months. The mining sector, as a whole, is undergoing drastic changes as miners with old hardware are being phased out while new energy-efficient miners are taking their place.
"Mining stocks outperformed Bitcoin last week, spurred by Trump’s announcement of his intent to make the U.S. a mining powerhouse. Bitfarms led the charge with a 34% increase, followed by CleanSpark with a 19% gain. Over the past week, we observed a decrease in miners' reserves, along with declines in HashPrice (rewards for computing power) and Hashrate (computing power),” Valentin Fournier, an analyst at digital asset research firm BRN, noted. “This trend suggests that mining power is diminishing as older mining devices become unprofitable and are repurposed for other uses, such as AI."
Notably, miners have been depleting their Bitcoin holdings to fund their operations or to upgrade their hardware.

Bitcoin Still in the Red as Fed Pessimism Sets In and BTC Miner Selling Continues
Bitcoin has fallen below $65,000 to its lowest price in a month, while the recently launched zkSync token was the biggest loser in the top 100 coins by market capitalization. The total market capitalization of the entire cryptocurrency space tumbled from $2.55 trillion to $2.48 trillion, a decrease of 2.5%, according to CoinGecko. Leading cryptocurrency Bitcoin fell to $64,548 in the past 24 hours, thus recording its lowest level in the past one month. Last week, Bitcoin fell to $65,240 after lo...
Investors still need to err on the side of caution, Fournier said, adding that if Bitcoin drops below the $64,000 mark, it could potentially trigger an early bear market.
"Overnight, Bitcoin's price dropped to the short-term holder realized price (STHRP) of $64,000, a significant support level,” he wrote. “It rebounded to $65,500, but a sustained dip below STHRP could trigger a larger correction and potentially mark the beginning of an early bear market. While we believe Bitcoin is still consolidating towards higher levels, the need for a catalyst is becoming increasingly urgent as the extended selling pressure persists.”
Edited by Stacy Elliott.