Bitcoin ETF weekly outflows reach $82 million before crash. What's next for BTC price?

The past week has been a roller coaster ride for spot Bitcoin ETFs, marked by dramatic changes in investor sentiment and significant inflows. The week started with a jolt: These ETFs saw a stunning outflow of $223.8 million on Monday, setting a new record for the largest outflow in Bitcoin ETF history.

Spot a surge in Bitcoin ETF outflows

The outflow trend continued, albeit at a smaller scale, with net outflows totaling $18.6 million across various major funds on Tuesday. However, there was a sudden reversal on Wednesday as Bitcoin ETF inflows picked up again, totaling $123.7 million.

Additionally, GBTC outflows fell to a low of $17.5 million, while BlackRock's IBIT saw inflows of $33.3 million. Meanwhile, the Fidelity Wise Bitcoin ETF (FBTC) achieved an inflow of $76.3 million. This reversal sparked renewed optimism among investors and signaled a possible shift in market sentiment.

On Thursday, spot Bitcoin ETFs recorded $91.3 million in inflows. However, despite the recovery on Wednesday, GBTC recorded a staggering outflow of $124.9 million. Meanwhile, the BlackRock Bitcoin ETF saw significant inflows of $192.1 million.

The week ended on Friday with further fluctuations in fund flows as the total outflow reached $55.1 million. GBTC accounted for a significant portion of outflows at $166.2 million, while BlackRock's ETF saw $111.1 million in inflows. Therefore, total outflows for the week increased to $82.5 million.

Also Read: Bitcoin (BTC) Price Prediction for April 2024, 2025, 2026, 2030, 2040 – 2050

Bitcoin price crash

Bitcoin price plunged on Saturday, April 13, following weak ETF inflows. In addition, massive liquidations also accelerated the crash. Furthermore, bearish sentiment spread across the market and traders aggressively liquidated long positions.

On Sunday, April 14, Bitcoin even hit a low of $60,900 as the crash accelerated. At press time, Bitcoin price fell 4.04% to $64,602.22 on Sunday. At the same time, it had a market capitalization of $1.27 trillion. However, trading volume for BTC increased by 23.99% to $59.76 billion.

Additionally, according to Coinglass, a gigantic $342.03 million worth of BTC was liquidated in the last 24 hours. Of that, a whopping $263.67 million in liquidations were attributed to long positions, which could have accelerated the Bitcoin price decline. On the contrary, crypto analysts have expressed their optimism about the future of BTC.

Ben Armstrong, also known as BitBoy Crypto, is a crypto influencer who reiterated his prediction that BTC would reach $100,000 in 2024. Additionally, Michaël van de Poppe, a crypto analyst, pointed out that the Bitcoin bull market has not even started yet.

He explained that the rally so far was in response to the launch of spot Bitcoin ETFs. Additionally, he advised buying on dips and choosing altcoins that have bottomed compared to BTC's valuation. Furthermore, BTC price is expected to reach new highs given the upcoming Bitcoin halving.

In contrast, Doctor Profit, another crypto analyst on X, expects a limited increase in BTC price if there is a big move. In the midst of the downtrend it went to 78k.”

Also Read: Ben Armstrong is optimistic that Bitcoin price will rise to $100,000 despite crash

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