The Bitcoin spot exchange-traded fund (ETF) market in the US is experiencing a significant exodus, with nearly $140 million in net outflows recorded as of June 20. This marks the fifth consecutive day of massive withdrawals, sparking concerns about investor confidence in Bitcoin's short-term price outlook.

Grayscale's GBTC and Fidelity's FBTC have been hit the hardest, with single-day outflows of $53.1 million and $51 million, respectively. The total net asset value of Bitcoin spot ETFs has plummeted to $56.41 billion, down from $152 million on June 19.

The outflows coincide with Bitcoin's recent price dip, which saw the cryptocurrency fall from $66,374 to $64,552 in the last 24 hours. Despite the bearish momentum, analyst Willy Woo attributes the lack of a price surge to a slump in Bitcoin mining activity, with only a few miners actively working.

As investors withdraw from Bitcoin ETFs, it remains to be seen whether they will seek refuge in other crypto ETFs, such as Ethereum, or exit the market altogether. One thing is certain - the Bitcoin spot ETF market is bleeding, and investors are losing faith in the short-term potential of the world's largest cryptocurrency.