Spot #Bitcoin ETFs have faced significant turmoil due to a persistent streak of outflows, continuing for seven days, with no new inflows throughout the week. This has heightened uncertainty in the Bitcoin community, especially as today's Bitcoin's price has dropped to $54,550, by 10:45am EST marking about a 5% decline over the past week and losing support around the $60,000 level. Major ETF providers like Grayscale, BlackRock, and Fidelity have reported substantial outflows, totaling $211 million on September 5, reflecting growing bearish sentiment among institutional investors. Despite Bitcoin spot ETFs having a total net asset value of about $50 billion since their inception in January, recent stagnation and negative market sentiment have contributed to increased volatility. Additionally, $39.53 million in Bitcoin liquidations over the past 24 hours, primarily from long positions, underscores the challenging market conditions and the dim outlook for a trend reversal in the near term.

What's happened during these 11 days of Spot ETF? - Curtsy of InvestAnswers

Flash update: The ETFs had a large inflow of of at least $720M, which would require the purchase of around 15,108 BTC to cover. Buying pressure for Bitcoin. About 690 BTC were left OTC and with 90 BTC drained this morning leaves 600 BTC remained.

Critical Update: The introduction of Bitcoin ETFs with 11 players approval, consider it as a long-term positive development. Short-term may witness quite a swing, large profit takings and market manipulations. In short-term, these ETFs are being used to arbitrage Bitcoin through OTC backdoor deals and cash-creation setups for big players. The Grayscale Arb is a particular pain right now causing a lot of this movement so do not let your emotions turmoil the trades. Meanwhile retail investors are rotating into other assets chasing the latest pump and that is ETH as it's not been in the direct target at this market. Eye on SOL as great chances are there for beautiful swings mostly in your favor.

Update: SEC met with all spot Bitcoin ETF issuers and asked them to remove any references to "in-kind" redemptions from their filings: "cash creates" only. Now, it's inevitable. 😀

Update: ARK 21Shares Spot Bitcoin ETF listed on the DTCC with ticker $ARKB. #Bitcoin #ETF is inevitable, but watch your trades carefully as they're gonna be heck swings. One more take profit, and exit:

Latest: BlackRock's proposed Spot Bitcoin ETF updated with the ticker IBIT to an amended S-1 filing on Monday (Securities and Exchange Commission).