BTC ETFs Eight Straight Down Weeks
US spot Bitcoin ETFs recorded net outflows of $527 million for the week ending July 6, extending the consecutive negative weekly streak to eight — the longest on record. Citi cut its Bitcoin price target to $82,000, explicitly citing weakening ETF demand as the rationale. BTC rebounded toward $63,000 during the period, with a Thursday inflow providing a partial offset to the broader weekly outflow trend.
Bitcoin ETF bearishness continues... SSDD
Citi didn't just cut its price target from $112,000 to $82,000. It cut its assumed ETF inflows for the next twelve months to zero. Down from $10 billion.
Eight straight weeks of outflows, $5.53 billion gone since January, and now one of Wall Street's most-followed banks is saying: don't build the next twelve months around ETF money showing up. Build around something else.
ETF demand weakening is unsurprising. The bear market weakens the conviction of even ardent Bitcoin evangelists. The average IBIT investor is currently sitting on an unrealised loss of roughly 40%. That's not a crowd with strong hands. Their resolve was always contingent on price going the right way.
5 sources
- Citi Cuts Bitcoin Target To $82,000 As ETF Demand Weakens · newsbtc.com · T2
- Bitcoin ETF Outflows Reach A Historic Milestone · cointribune.com · T2
- FINANCE FEEDS: Bitcoin ETFs Shed $527 Million Despite Strong Thursday Rebound · financefeeds.com · T2
- CROWDFUNDINSIDER: Bitcoin ETFs Post Eighth Straight Negative Week Despite Relatively Strong Inflow on July 2 · crowdfundinsider.com · T2
- Bitcoin Rebounds Toward $63,000, But ETF Flows Still Hold The Key · newsbtc.com · T2