Bitcoin (CRYPTO: BTC) ETFs posted $635.2 million in outflows Wednesday, but Thursday price action could nullify analysts’s warnings about a drop to $70,000.

Biggest Daily Outflow Since Late January

The fresh outflows mark the largest daily Bitcoin ETF withdrawal since January 29, when the funds posted about $818 million in losses. 

Weekly outflows now stand at $841.2 million, putting ETFs on track for their first week of net losses after six consecutive weeks of gains totaling around $3.4 billion.

BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) led losses with roughly $285 million in outflows. 

Additionally, Morgan Stanley’s Bitcoin Trust ETF (NASDAQ:MSBT) posted no outflows Wednesday…

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