This week, cryptocurrency markets fell. This coincided with a shift in US spot Bitcoin ETF investment patterns.
Bitcoin’s price fell by 2.5% to $65,800, while Ethereum saw a sharper decline of 5%, dropping below the $2,500 mark. Other cryptocurrencies like Solana held steady, but Polkadot decreased by 3%.
This movement followed a report from Farside Investors. It noted, for the first time in two weeks, ETFs faced a $79 million net outflow in a single day. The ARK 21 Shares Bitcoin ETF saw the biggest withdrawal at $134 million. In contrast, BlackRock’s iShares Bitcoin ETF attracted $43 million. However, this was a sharp drop from the previous day’s $329 million.
Despite fund outflows, Bitcoin investments are still strong. According to CryptoQuant, over 92% of holders are in profit. Most Bitcoin was bought at around $55,000, fueling this profit. This could lead some traders to sell, causing potential price drops.
In other news, Tesla, once thought to have sold its Bitcoin, still holds it. Arkham Intelligence clarified that Tesla’s recent transactions were just internal moves. The company still has 11,509 BTC. This suggests Tesla is reorganizing its assets, not selling, and remains heavily invested in Bitcoin.