Despite increasing outflows of the spot Bitcoin ETFs, Bitcoin (BTC) has maintained a relatively stable price, hovering just above the $64,000 level.

Bitcoin experienced volatility in the past week due to the escalating geopolitical tensions between Israel and Iran. The most significant price drops occurred last Friday, with Bitcoin falling below $60,000

When the issue was sorted, at least theoretically, the asset rebounded by over $5,000 and stabilized by around $65,000 following the Bitcoin halving event. The last few days saw generally positive momentum, driven by incremental gains that pushed Bitcoin (BTC) to a local peak of slightly over $67,000.

However, Bitcoin (BTC) failed at this juncture and faced significant downward pressure yesterday. Bears exerted control, causing Bitcoin (BTC) to drop below $63,000 but it managed to rebound and surged to over $65,000 later in the day. At this time of writing, Bitcoin (BTC) is trading at $64,455.

As the entire cryptocurrency market stands at another critical juncture, the days following the Bitcoin Halving event are witnessing high volatility. While bearish sentiments gradually taking over the market, the sudden surges in certain altcoins indicate an underlying bullish stance. 

What’s Happening With Bitcoin ETFs

Yesterday, Bitcoin ETFs hit a total net outflow of $217 million, marking a loss of $337 million over the past two days. Dispute the increasing outflows, BlackRock’s IBIT ETF recorded its second consecutive day of $0 inflows. However, with the largest cumulative inflow since its inception amounting to $15.48 billion, IBIT maintains its position as the most significant contributor to positive flows. 

Despite the sudden surge in outflows, the Bitcoin ETFs market retains an optimistic outlook, boasting a cumulative total net inflow of $12.08 billion. 

For now, the recent setback appears to be merely a healthy correction. However, if similar patterns continue in the upcoming week, it could signal a more significant correction phase ahead.