On Tuesday, Bitcoin (BTC) exchange-traded funds (ETFs) experienced their first net negative flow in seven days. This comes amid the steady decline in market activity, which has caused the leading coin’s price to plummet to a weekly low.

As of this writing, Bitcoin trades at $66,776, noting a 2% price drop over the past week. With bearish sentiment steadily increasing around the coin, holders may need to prepare for potential further losses.

Bitcoin ETFs Record Outflows

Data from SosoValue shows that BTC spot ETFs experienced a net outflow of $79.09 million on Tuesday, breaking a streak of seven consecutive days of inflows that totaled over $2 billion.

Read more: Top 7 Platforms To Earn Bitcoin Sign-Up Bonuses in 2024

Tuesday’s negative flow was primarily due to a $134 million outflow from the ARK 21Shares Bitcoin ETF, as other ETF products saw either inflows or recorded no activity. Moreso, the largest ETF provider by assets under management, BlackRock’s iShares Bitcoin ETF (IBIT), recorded $43 million in inflows, significantly down from $329 million the previous day. 

This decline in institutional demand is largely attributed to the recent drop in Bitcoin’s value. Over the past week, the cryptocurrency has fallen by 2%, reaching its lowest price point in seven days as of press time.

BeInCrypto’s assessment of its momentum indicators has revealed the gradual growth in bearish sentiment toward the leading coin. For example, readings from its Moving average convergence/divergence (MACD) show its MACD line (blue) poised to cross below its trend line (orange). 

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Author: Abiodun Oladokun