Bitcoin exchange-traded funds (ETFs) encountered their first net negative flow in seven days on Tuesday, coinciding with Bitcoin's price plunging to a weekly low, trading at $66,776.
Data indicates a net outflow of $79.09 million, primarily influenced by a $134 million withdrawal from ARK 21Shares Bitcoin ETF. Meanwhile, BlackRock's iShares Bitcoin ETF reported reduced inflows, potentially hinting at declining institutional interest.
Technical analysis reflects growing bearish sentiment. Indicators like the Moving Average Convergence Divergence (MACD) and 20-day Exponential Moving Average (EMA) signal possible further downward trends if current support levels don't hold.
If bearish sentiment continues, Bitcoin risks further drops to $61,686 or even $58,828. However, a shift to bullish momentum could propel BTC towards $68,612 and potentially back to its all-time high of $73,794.
