The cryptocurrency market experienced a notable shift on Thursday, with spot Bitcoin exchange-traded funds (ETFs) in the United States recording their fifth consecutive day of net outflows. This comes as the price of Bitcoin (BTC) plummeted below the key support level of $65,000. This marks the second time in three days that BTC has traded below $65,000, following a decline from a monthly high of $71,331 on June 5.

According to preliminary data from Farside Investors, spot Bitcoin ETFs witnessed a substantial total net outflow of $139.9 million on Thursday. This figure is only $12 million shy of the $152 million that left the funds on June 19. Grayscale's GBTC led the Nasdaq-listed funds with a daily net outflow of $53.1 million, closely followed by Fidelity's FBTC, which experienced a net outflow of $51.1 million. The FBTC fund has seen consecutive outflows for the past five trading days, totaling $412.7 million.

The only net inflow of the day came from BlackRock's IBIT fund, which attracted $1.5 million. In contrast, Bitwise's BITB, VanEck's HODL, and Invesco's BTCO posted daily net outflows of $31.5 million, $3.7 million, and $2 million, respectively. The remaining funds, including Ark Invest's ARKB, Franklin Templeton's EZBC, Valkyrie's BRRR, WisdomTree's BTCW, and Hashdex's DEFI, posted $0 inflows on June 20.

The decline in BTC's price can be attributed to both the negative ETF flows and significant sales in the past day. On Thursday, Arkham Intelligence reported that the German government had moved $600 million in BTC and sent $195 million to "likely exchange deposits" over two days. Despite this, the German government is still holding over $3 billion in BTC.

As of press time, BTC was trading at $64,645, with a market capitalization of $1.27 trillion, according to CoinMarketCap data. Despite being up over 100% in the last year, BTC's recent price corrections have resulted in a loss of nearly 4% of its value over the past seven days.