In the last two weeks, Bitcoin ETFs have experienced significant outflows totaling $1.3 billion as Bitcoin's price continues to fall. According to Farside Investors, this recent downturn saw Grayscale leading the outflows with $517.3 million. However, BlackRock's Bitcoin ETF managed to buck the trend, gaining $43.1 million in inflows.

During this period, Bitcoin's price has dropped 11.6%, from $69,476 on June 10 to $61,359 today, according to TradingView data. These outflows are the largest since April when Bitcoin ETFs saw net outflows exceeding $1.2 billion.

Jonathan de Wet, chief investment officer at ZeroCap, commented on the situation, noting that while the broader crypto market continues to struggle, Bitcoin and Ethereum are holding up relatively well. He predicts Bitcoin may fall to a key support level of around $57,000 due to upcoming Mt. Gox creditor repayments.

Despite concerns about potential downward pressure from these repayments and sales by the German government, de Wet remains optimistic about the long-term outlook for Bitcoin. He anticipates a positive impact from the upcoming Ethereum ETF launch and easing monetary policies in 2025.

Some analysts believe the market has already priced in the Mt. Gox repayments. Farhan Badami, a market analyst at eToro, expects Bitcoin's price to stabilize and potentially reach new all-time highs in the coming months. He predicts Bitcoin will range between $60,000 and $70,000 in the next few weeks.

While the recent outflows and price drops have raised concerns, there is cautious optimism among analysts about a market rebound in the near future.