Bitcoin (CRYPTO: BTC) jumped above $64,250 on Saturday, helped by falling crude oil prices and dip buying among investors. It has jumped by close to 10% from its lowest point this month. Still, the coin is facing a $4.4 billion headwind as the risky bearish pennant pattern forms.
Bitcoin Price is Facing a $4.4 Billion Tailwind as US Investors Dump
Data shows that American investors continued dumping their Bitcoin ETF holdings this week. These funds suffered a $315 million outflow, with the iShares Bitcoin ETF (NASDAQ:IBIT) and Fidelity’s FBTC leading the charge.
This week’s outflows brought the monthly loss to over $2.4 billion. Added to the $2.4 billion they lost in May, these funds have lost 44.4 billion in the last two months, much higher than the $3.2 billion they added in March and April this year.
The ongoing ETF outflows is likely because American investors have been rotating from crypto to the booming stock market. Stock ETFs have added over $1 trillion in assets this year, with the Vanguard S&P 500 ETF …
