Proactive Investors - Bitcoin closed 1.3% lower on Tuesday and has traded flat this morning, with the BTC/USD swapping for $62,228 at the time of writing.
Net outflows in the exchange-traded fund space continue to cause price compression on spot prices.
Matteo Greco, research analyst at Fineia International, stated: “Last week continued the trend of net outflows for BTC ETFs for the fourth consecutive week, indicating a short-term negative trajectory observed over recent weeks.
“ETFs with BTC as the underlying asset saw approximately $433 million in outflows during the week, up from the $325 million outflows seen the previous week.
“However, there were two consecutive days of inflows observed between Friday of last week and Monday of this week, marking the first positive inflows after seven consecutive days of net outflows.
“It's worth noting that on Friday of last week, the Grayscale ETF (GBTC) saw its first day of net inflow following the conversion of its product from a trust to an ETF.”
Ethereum (ETH), the second-largest cryptocurrency, closed nearly 2% lower on Tuesday and was trading just above $3,000 at the time of writing.
Global cryptocurrency market capitalisation currently stands at $2.29 trillion, with bitcoin dominance at 53.6%.