- Bitcoin has recovered nearly 10% after falling below $60,000, with traders eyeing a potential $1 trillion parabolic rally.
- BlackRock‘s IBIT bitcoin ETF has sold nearly 100,000 bitcoin in recent months, now holding just over 733,000 bitcoin worth approximately $50 billion.
- U.S. spot bitcoin ETFs recorded nearly $100 million in outflows on Thursday, with year-to-date net outflows reaching $5.4 billion.
- The average BlackRock IBIT investor faces a loss of roughly 40%, according to recent data.
- Analysts describe the spot bitcoin ETF outlook as “fragile,” warning that a shock outflow poses the most acute threat to the recovery.
Bitcoin has edged higher this week, recovering nearly 10% after dropping below $60,000 per bitcoin earlier this month, as traders anticipate a potential $1 trillion parabolic move with a critical Federal Reserve July pivot approaching. However, analysts at the Bitfinex bitcoin and crypto exchange warn that the spot bitcoin ETF outlook remains “fragile,” with a shock outflow posing the single most acute threat to the recovery ahead of the consumer price index print on July 14.
U.S. spot bitcoin ETFs lost nearly $100 million on Thursday, according to data from SoSoValue, adding to June’s outflows that topped $4.5 billion. “Year-to-date the complex remains down $5.4 billion, and June’s $4.5 billion exit still dominates the picture,” the Bitfinex analysts said, describing the pattern as tactical re-entry with institutional conviction shallow enough to reverse in a single session.
BlackRock‘s IBIT, the largest bitcoin fund by net assets, has sold nearly 100,000 bitcoin in recent months to meet redemption requests and now holds just over 733,000 bitcoin worth approximately $50 billion on behalf of investors. Earlier this month, reports indicated that the average IBIT investor is sitting on a loss of roughly 40%.
Simon-Peter Massabni, head of business development at XS.com, said in emailed comments that bitcoin spot ETFs are unable to attract consistent and sufficient inflows over the long term. “According to SoSo Value, after 10 days of continued outflows from these ETFs, they were unable to attract inflows for more than 3 days, with only around $500 million recorded following $2.7 billion of outflows over those 10 days,” Massabni added.
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