Will Bitcoin Drop Below $60K as BTC ETFs See Biggest Outflow in 6 Weeks?

Bitcoin (CRYPTO:BTC) spot ETFs shed close to $390 million in the week to August 14, their largest weekly outflow in six weeks, after taking in over $850 million the week before.

The Bitcoin price fell about 3% over that stretch, from around $65,300 to $63,300 today. That leaves it roughly 5% above $60,000, a level Bitcoin has held since bottoming near $58,500 in June, though it has come close twice since. So does an outflow week of that size bring $60,000 back into view?

Inside the $390 Million Bitcoin ETF Outflow Week

Spot Bitcoin ETFs lost $389.71 million across five sessions from August 10 to 14, with only one day of positive flow. Investors pulled $144.67 million on Monday, August 10, put $4.89 million back on Tuesday, then withdrew $61.16 million, $131.13 million and $57.63 million across the following three days. The week before, the funds gathered $853.54 million in inflows, which was their strongest run since April.

Fidelity’s FBTC led the redemptions with a $153.2 million outflow, which is 39% of everything the funds lost, and seven separate ETFs posted withdrawals on August 13. Even BlackRock’s IBIT finished that session negative, which is the part worth noting, because IBIT normally pulls money in when the rest of the ETFs are bleeding.