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Title: Bitcoin ETFs Could See Reversal This Week After Retreat in First Week of June
Bitcoin’s tumultuous start to the month may have investors holding their breath as the asset remains stubbornly stuck within a tight range. The recent downturn in the market has seen institutional investors, particularly those with a penchant for leveraged positions, retreat from the space. According to data, millions of short positions are now clustering above $106k, suggesting that a reversal could be on the horizon.
The Bitcoin ETFs, already reeling from their first week’s losses, may see a rebound this week as investors reassess their investment strategies. The current market environment is eerily reminiscent of previous price patterns where we saw a sharp correction followed by an unexpected rally. It’s possible that the bearish momentum could be reversed if prices continue to rise.
In fact, data from Farside Investors reveals that the first trading day of the month ended with a $267.5 million outflow, which was preceded by massive outflows on May 30. The trend continued as another $278.4 million departure occurred on June 5 and a smaller $47.8 million exit on June 6 effectively wiped away the two days of inflows from earlier in the month.
While some may view this dip as an opportunity to buy, others will likely be waiting for price action confirmation before re-entering the market. Whatever the outcome, one thing is clear: the Bitcoin ETFs have been unable to keep up with their momentum established in May. The first 6 months of this year saw a total outflow of $1.34 billion.
Source: cryptoslate.com
