US spot Bitcoin exchange-traded funds recorded their fourth straight session of outflows this week, with total withdrawals reaching $526 million over the period. The selling coincided with Bitcoin's inability to maintain the $65,000 price level, which triggered renewed selling pressure across the market.
Four days of red
The streak of outflows began earlier this week and continued through Wednesday, July 29. Each day saw net withdrawals from the group of spot Bitcoin ETFs that launched in early 2024. The cumulative $526 million figure marks one of the largest multi-day exodus since the products debuted. The pace of withdrawals accelerated midweek, with the heaviest single-day outflow recorded on Tuesday.
The $65,000 wall
Bitcoin's price had been hovering near the $65,000 mark in recent days but failed to break and sustain above that level. The rejection led to increased selling, with traders pointing to the resistance as a key psychological barrier. The resulting price decline added momentum to the ETF outflows. Bitcoin slipped below $64,000 by Wednesday afternoon, extending losses from the week's highs.
Outflows and price pressure
The outflows and the price drop appear to be feeding into each other. As Bitcoin lost the $65,000 level, some ETF holders likely decided to take profits or cut losses, which in turn added to the selling pressure on the underlying asset. The dynamic is familiar to anyone who has watched the spot Bitcoin ETF market over the past two years — when price momentum stalls, outflows tend to follow.
Next on the calendar
Market participants are watching to see if the outflows accelerate or stabilize in the coming days. The $65,000 level remains a focal point for Bitcoin's short-term direction. No major catalysts are on the immediate calendar, leaving sentiment driven by technical factors and ETF flow data. The next weekly close on Friday could set the tone for early August.
