"Try investors to relax a little, don't be too busy to be afraid when there is a problem."
Shortly after recovering above $66,000, the price of Bitcoin (BTC) fell back below $64,000 as the institutional cryptocurrency investment product saw $126 million in total outflows over the past seven days.
The streak has seen investors increasingly skeptical as positive momentum has dissipated despite $520 million inflows into crypto funds of which more than 99% went into BTC.
However, it should be noted that there was a large sell-off amid geopolitical tensions and uncertainty surrounding the Federal Reserve's (Fed) interest rate cut for June 2024 following institutions withdrawing nearly $82 million from spot BTC ETFs between April 8 and April 12, 2024.
Through observation, Australia, Brazil and Germany have each shown an inflow of $1.6 million, $3 million and $28.6 million while the largest regional outflow comes from the United States (US) which is $145 million.
According to CryptoQuant analysts, there is a high probability for more BTC price correction supported by several factors, among which is the 30-day average funding rate, resistance from ATH and market setup that allows big players to participate.
The latest withdrawal in BTC prices comes after Hong Kong became the second country to approve a spot BTC ETF, but the Asian country did not launch an ETF as expected by most crypto market participants.
So here it can be seen that the reduction in investor sentiment around the BTC ETF spot in Hong Kong plus there is geopolitical tension in the Middle East will probably pull the price of BTC to fall lower until the halving event takes place.
As of this writing, BTC price has plunged by 3.03% to $63,570 in the last 24 hours with a market capitalization of over $1 trillion and has recorded a 10.51% decline over the past week.
