Fresh Bitcoin Sell-Off Leaves the Average ETF Investor Underwater

Bitcoin can’t catch a break in the past few weeks, as it dumped once again early this morning to a new seven-month low of $85,000 on most exchanges.

This means that the asset has lost over $20,000 in just ten days, as it peaked above $107,000 on November 11. Amid speculations about the state of the market and analysts wondering if the bears are in complete control now, this massive plunge has put the average BTC ETF investor in the red, according to data shared by Bianco Research’s Jim Bianco.

The overall ETF landscape has been quite painful. As reported earlier this week, even BlackRock’s IBIT has been on a massive withdrawal streak, which resumed once again yesterday, with $355.5 million leaving the fund.

Overall, the net outflows for the day were a whopping $903.2 million, according to data from FarSide. Although the negative streak was briefly paused on Wednesday with a net inflow of $75.4 million, the withdrawals have resumed, and the total net outflows have shot up to $1,455.2 trillion for the week so far.

IBIT has broken its own record for outflows in the past four trading days, with $1.09 billion leaving the fund. JPMorgan’s research team also attributed the price declines to the ETF exodus.

The plunge from this morning, though, could be related to macro news coming from Japan. BTC slipped once again shortly after the country’s Prime Minister Sanae Takaichi approved $135 billion in stimulus to help households cope with rising living costs and boost economic growth.

Separately, on-chain data shared by Arkham Intelligence indicated that a popular OG whale, known as Owen Gunden, has sold off their entire BTC stash worth around $1.3 billion since October. The last transaction took place yesterday when the entity transferred $230 million worth of bitcoin to Kraken.

The post Fresh Bitcoin Sell-Off Leaves the Average ETF Investor Underwater appeared first on CryptoPotato.