Recent data from on-chain sources reveals a decline in the interest of investors to buy dips, putting additional downward pressure on the price of Bitcoin. The substantial outflows from the Grayscale Bitcoin ETF (GTBC) have sparked worries about a possible obstacle to future price surges.

Despite a continued interest from investors in Bitcoin, ETFs associated with the cryptocurrency have recently witnessed consecutive days of outflows, with GTBC alone reporting over $100 million in outflows last Friday. This trend of outflows seems unyielding, exceeding $84 million in total outflows across all 11 Bitcoin ETFs. On the flip side, BlackRock's IBIT ETF observed an inflow of $12.4363 million, and Fidelity's FBTC ETF received an inflow of $5.3039 million.

Perpetual Attraction of Bitcoin ETFs to Conventional Players
Prominent banking entities have divulged their participation in conventional Bitcoin ETFs, showcasing the sustained appeal of Bitcoin-related investment products among institutional investors. JPMorgan, the world's largest banking entity, recently disclosed significant holdings in various Bitcoin ETFs, displaying a diversified investment approach within the cryptocurrency domain.

JPMorgan's revealed holdings encompass 25,021 shares of Bitcoin Depot Inc., valued at $47,415, as part of an extensive ETF portfolio aimed at seizing opportunities in the crypto sphere. Similarly, Wells Fargo unveiled its exposure to Bitcoin ETFs, with official filings showing ownership of 2,245 shares of the Grayscale Bitcoin ETF (GTBC).

BTC Experiences a 3.5% Price Downturn
In the preceding 24 hours, the price of Bitcoin has undergone a 3.5% decrease, edging closer to the crucial support threshold of $60,000 once again. Despite these outflows, Bitcoin has had difficulty luring in significant buying interest lately.

Insights provided by on-chain data provider Santiment imply that traders exhibit limited enthusiasm for the "buy the dip" tactic as Bitcoin's price slumps, nearing as low as $60.2K. This subdued reaction hints at a lack of confidence among traders, often indicating a potential market bottom. Analysts recommend monitoring social sentiment levels to assess the persistence of Fear, Uncertainty, and Doubt (FUD) in the market.