Bitcoin (BTC) funds recorded $635.2 million in outflows on Wednesday, extending $233.3 million in outflows from the previous trading session, according to SoSoValue data.

So far, weekly outflows stand at $841.2 million, putting ETFs on track for their first week of net losses after six consecutive weeks of gains totaling around $3.4 billion.

Weekly spot Bitcoin ETF flows since March 27 (May 13 week incomplete). Source: SoSoValue

The volatility comes as Bitcoin continues to swing around $80,000, repeatedly slipping below and reclaiming the level, with analysts pointing to profit-taking pressure following a 37% rally from April lows.

The biggest daily outflow since late January

The fresh outflows mark the largest daily Bitcoin ETF withdrawal since Jan. 29, when the funds posted about $818 million in losses in a single day.

BlackRock’s iShares Bitcoin Trust (IBIT) led losses with roughly $285 million in outflows, according to Farside data. The ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $177 million and $133.2 million, respectively.

Morgan Stanley’s Bitcoin Trust ETF (MSBT) posted no outflows on Wednesday and recorded about $6 million in inflows on Tuesday. The fund has not seen any outflows since its April 8 launch and has accumulated roughly $256 million to date.

Altcoin funds: Ether joins the selling, Solana and HYPE lead inflows

The negative trend has continued in Ether (ETH) ETFs, which saw $36.3 million of outflows on Wednesday, bringing weekly outflows to roughly $184 million so far.

Solana (SOL)-linked funds led the positive trend with around $6 million in inflows, putting week-to-date gains at $51.6 million. Hyperliquid (HYPE)-linked funds saw inflows of $1.36 million on their debut on Tuesday, bringing cumulative net inflows to $2.52 million.

Bitcoin’s volatility came as it tested the 200-day moving average near $82,400 after a 37% rally from April lows, a level that has historically acted as resistance in prior bear-market rebounds, CryptoQuant said in a note shared with Cointelegraph.

Source: CryptoQuant

The analysts pointed to rising profit-taking, elevated unrealized gains and weakening US spot demand as signs that momentum may be fading. On-chain data suggests potential support near $70,000 if a deeper correction develops, CryptoQuant said.

“This level has historically acted as a key resistance-turned-support band during bear markets, as it represents the average cost basis of short-term traders and the level at which unrealized profit margins compress back toward zero, reducing the incentive for further selling,” the report said.
source: https://www.tradingview.com/news/cointelegraph:99704525f094b:0-bitcoin-etfs-bleed-635m-as-btc-slips-under-80k/