Market leader Bitcoin (BTC) has proven its resilience once again, holding firm above the $64,000 level despite significant outflows from Bitcoin exchange-traded funds (ETFs) in the United States.
Specifically, recent market data revealed $217 million in total net outflows from US-listed Bitcoin ETFs on a single day. This massive exit brought the total outflows for the week to $244.49 million, raising concerns about potential market volatility.
At the time of writing, Bitcoin has remained stable, trading at around $64,381.63, up 0.70% over the past 24 hours, as per Coingecko’s data. While BTC registered a slight 0.40% decline over the past week, its latest resilience is noteworthy.
According to JPMorgan analysts, the correlation between Bitcoin ETF prices and inflows has weakened significantly, dropping from a high of 0.84 in January to 0.60 in recent assessments.
Correspondingly, this trend suggests a decreasing alignment between Bitcoin prices and spot ETF flows, a development that could have implications for the market.
One particular area of interest for traders is Grayscale's Converted Bitcoin ETF (GBTC) outflows. Since April 22, GBTC has reportedly experienced a $417 million outflow, yet Bitcoin prices have continued to rise, defying the pull.
In line with this, the divergence between Bitcoin's price stability and the massive ETF outflows highlights the growing maturity and resilience of the crypto market.
Moreover, CoinGlass’ liquidation data further underscores the market's relative calm, with only $60 million in liquidations over the past 24 hours, of which Bitcoin accounted for $13.48 million.
The ability of Bitcoin (BTC) to weather such significant ETF outflows without experiencing a major price correction reflects the token’s growing acceptance and stability.