Key Insights
- The US Spot Bitcoin ETF has recorded an outflow for the past five sessions, sparking market concerns.
- BlackRock IBIT witnessed its highest outflows since launch on November 18.
- Analyst predicts a potential BTC price dip to $81,000 amid the volatile market scenario.
In latest Bitcoin news, BlackRock Bitcoin ETF (IBIT) recorded its worst session since launch.
Besides, the US Spot Bitcoin ETF marked its five-day outflow streak through Tuesday, November 18. This massive outflow fueled concerns, indicating waning interest among institutions.
This also comes in tandem with the dip in BTC price recently. It has triggered widespread selling pressure in the broader crypto market.
Meanwhile, experts cited declining institutional bets as a potential reason behind the drop in Bitcoin price.
The continuing outflow from BlackRock, which has previously made heavy bets on BTC, has further fueled concerns.
Here we explore the latest Bitcoin ETF fund flow data and see how it may impact the BTC price ahead.
Bitcoin News: BlackRock BTC ETF (IBIT) Records Biggest Outflow
The US Spot Bitcoin ETF has continued to make headlines in the Bitcoin news column, and it’s not for the bullish cases.
For context, the investment instrument has continued to record outflow over the past five days through Tuesday, November 18.
According to data by Farside Investors, BTC ETF has recorded an outflow of $372.8 million on Tuesday, with only the BlackRock Bitcoin ETF (IBIT) contributing to the losses.
Further, this also marks the biggest outflow of IBIT since its launch, totaling $523.2 million.
However, the massive outflow concerns were partially allayed by the inflow of $139.6 million into Grayscale ETF and $10.8 million into Franklin Templeton’s EZBC.
Over the past five days, the combined outflow totaled $2.26 billion. Of this, BlackRock was the highest laggard, alone contributing to an outflow of $1.42 billion.
Having said that, investors are now evaluating whether these waning institutional bets could continue to impact the BTC price.
Bitcoin Price Near Flatline, Can it Recover?
Amid ongoing outflows from the US Spot Bitcoin ETF, especially BlackRock, BTC price has recorded a massive dip in recent weeks.
However, Bitcoin USD price traded near the flatline at the time of writing, at $91,851. Over the past 24 hours, the crypto has dropped to as low as $89,970 before recovering to $93,745.
Notably, the Bitcoin price has lost nearly 12% through the week and more than 17% in the monthly chart.
Amid this, the experts said that if the US Spot Bitcoin ETF outflow continues, it could weigh on the traders’ sentiment.
In other words, if the investment instrument continues to drain funds, it might likely impact the Bitcoin USD price ahead.
However, if the situation takes a U-turn, it could help in a strong recovery for the asset. Despite that, some have continued to warn of another dip in BTC price ahead.
In a recent X post, analyst Ali Martinez said that the flagship crypto might witness a bounce to $99,000, while warning of a looming dip in the near future.
For context, his chart suggests that after reclaiming the $99k mark, it could witness another dip to $81,000.
Having said that, investors are advised to do thorough research while putting their bets amid the volatile market scenario.
In addition, the US Spot Bitcoin ETF fund flow data might also play a crucial role in shaping BTC’s future trajectory ahead.