The U.S. Spot Bitcoin ETF has experienced a significant outflow of nearly $200 million, indicating the still-hovering risk on Bitcoin price. Analysts are weighing in on the potential implications for the cryptocurrency market.

Bitcoin ETF Outflow

The U.S. Spot Bitcoin ETF faced a challenging week, with persistent outflows totaling $581.4 million over the past five days. On Friday alone, outflows reached $189.9 million, with Fidelity’s FBTC and Grayscale’s GBTC being the main contributors.

Fidelity’s ETF saw the largest single outflow, amounting to $80.1 million. Grayscale’s ETF followed closely, losing $52.3 million in assets.

Bitcoin Price Volatility

The rapid outflows reflect broader market concerns and increased volatility in Bitcoin price. This sentiment shift has led to increased caution among investors, weighing on the risk-bet appetite of the investors. However, the question now is whether these trends will continue or stabilize as the market adjusts to recent price fluctuations.

What’s Next For Bitcoin Price?

Despite the recent positive signs in the market, Bitcoin continued to record a significant decline over the last few days. In other words, the significant ETF outflows have coincided with notable volatility in Bitcoin’s price. BTC has struggled to maintain stability, fluctuating around key levels.

Amid this, prominent crypto market analysts highlighted a key point that Bitcoin must hold to avoid a further dip to $61,000. In a recent analysis shared on the X platform, Martinez said that Bitcoin needs to stay above the $66,254 mark, otherwise BTC price witness a potential correction down to $61,100.

Bitcoin price analysis

As of writing, Bitcoin price exchanged hands at $66,242.59, noting a drop of 1.01% over the last 24 hours. Besides, the trading volume also dropped slightly, while its price saw a 24-hour low of $65,049.23.

Despite the recent dip, the CoinGlass data showed that Bitcoin Futures Open Interest recorded a slight recovery in the last four hours while dropping more than 2% in the 24-hour timeframe.