Despite ETF outflows reaching $200 million, Bitcoin stabilized above $64,000

In the early afternoon of the East Asian trading day, Bitcoin (BTC) traded steadily above $64,000, despite a significant increase in outflows from Bitcoin exchange-traded funds (ETFs). Daily net outflows from US-listed ETFs totalled $217m, according to market data. Total outflows so far this week are $244.49 million.

In contrast, Bitcoin rose about 3.7 percent last week. According to jpmorgan, the correlation between Bitcoin ETF prices and inflows has weakened, from 0.84 in January to 0.60 in the most recent assessment. This indicates a consistent decline in the price of bitcoin and the flow of spot ETFs.

The outflows from Grayscale's converted Bitcoin ETF (GBTC) are particularly notable because of their sheer size. Data from SoSoValue shows that GBTC experienced outflows of $417 million in the past week since Monday, but the bitcoin price still rose.

According to the relevant data, the liquidation data is also fairly flat, with $60 million liquidated in the last 24 hours. Of that, bitcoin accounted for $13.48 million, while about $7 million of short positions were liquidated. Meanwhile, CoinDesk 20 (CD20), a gauge of the largest digital assets, was flat, trading around 2,246.