Despite the bearish sentiment in the market, not all ETFs followed this trend. The Franklin Bitcoin ETF (EZBC) managed to buck the trend with an inflow of $1.9 million on the same day. The recent trend of outflows is notable, especially considering that spot Bitcoin ETFs experienced $580.6 million in net outflows just last week. According to information shared by CryptoQuant CEO Ki Young Ju on X, whales sold approximately $1.2 billion worth of BTC over the past two weeks.
This trend of cashing out coincided with the negative net flows in spot BTC ETFs. Ju warned that if this sell-side liquidity is not absorbed over the counter, it could lead to more BTC being deposited on exchanges, potentially impacting the market further. The cryptocurrency’s price has faced difficulties in recent weeks. On June 21, Bitcoin’s value dropped to $63,500.
It has since rebounded slightly, adding around $750 in the last 24 hours, according to CoinGecko. Nonetheless, the coin has experienced a 7.2% decline over the past 14 days, reflecting the ongoing volatility in the market.