Recent on-chain data reveals a diminishing "buy-the-dip" sentiment among investors, exerting additional downward pressure on the Bitcoin price. The significant outflows from the Grayscale Bitcoin ETF (GBTC) have raised concerns about a potential hindrance to further price rallies.

Despite ongoing investor interest in Bitcoin, ETFs linked to the cryptocurrency experienced consecutive days of outflows, with GBTC reporting over $100 million in outflows on Friday. This trend of outflows appears relentless, with total outflows across all 11 Bitcoin ETFs surpassing $84 million. In contrast, BlackRock's ETF IBIT saw an inflow of $12.4363 million, while Fidelity's ETF FBTC received an inflow of $5.3039 million.

Continued Attraction of Bitcoin ETFs to Traditional Players

Major banking institutions have disclosed their involvement in spot Bitcoin ETFs, highlighting the enduring appeal of Bitcoin investment products among institutional investors. JPMorgan, the world's largest banking institution, recently unveiled substantial holdings in various Bitcoin ETFs, showcasing a diversified investment strategy within the cryptocurrency sector.

JPMorgan's disclosed holdings include 25,021 shares of Bitcoin Depot Inc., valued at $47,415, as part of a broader ETF portfolio aimed at capitalizing on opportunities in the crypto market. Similarly, Wells Fargo disclosed its exposure to Bitcoin ETFs, with filings indicating ownership of 2,245 shares of the Grayscale Bitcoin ETF (GBTC).

BTC Price Decline of 3.5%

The Bitcoin price has experienced a 3.5% decline in the past 24 hours, approaching the critical support level of $60,000 once again. Despite these outflows, Bitcoin has struggled to attract significant buying interest recently.

Insights from on-chain data provider Santiment suggest that traders are showing limited enthusiasm for the "buy the dip" strategy as Bitcoin's price dips, reaching as low as $60.2K. This subdued response indicates a lack of confidence among traders, often signaling a potential market bottom. Analysts recommend monitoring social sentiment levels to gauge the persistence of Fear, Uncertainty, and Doubt (FUD) in the market.