In the past week, Bitcoin (BTC) investment products have seen a significant withdrawal of capital, with a total outflow of $630 million. This brings the total outflow over a 14-day period to roughly $1.1 billion, as reported by CoinShares.
The latest “Digital Asset Fund Flows Weekly” report from CoinShares indicates that investments in all cryptocurrency product categories saw a total withdrawal of $584 million as of June 21. This trend is predominantly being driven by institutions and long-term investors scaling back their exposure to spot Bitcoin ETFs in anticipation of a possible lack of interest rate cuts by the U.S. Federal Reserve in 2024.
James Butterfill, the Head of Research at CoinShares, provided insights into the capital flows for crypto investment products, as depicted in an accompanying image. 
The report also noted a decline in weekly trading volumes, which dipped to $13.6 billion—a figure that marks the lowest trading volumes for ETPs globally since the introduction of U.S. spot Bitcoin ETFs in January. Currently, crypto funds are managing assets valued at $92.2 billion.
The recent downturn in purchasing and Bitcoin’s price decline is attributed to the German government’s sale of BTC and the market’s expectation of Bitcoin being repaid by the Mt. Gox trustee.
Parallel to Bitcoin’s correction in value over the past week, there has been a continued outflow from spot Bitcoin ETFs. Farside Investors’ data reveals that institutions removed nearly $544.1 million from spot Bitcoin ETFs between June 17 and June 21. Fidelity’s FBTC experienced a dramatic surge in outflows to $271 million for the week. 
The Bitcoin price has fallen to $60,000. Following a 6.5% drop over the past week, the BTC value continued to trend downwards. Cointelegraph Markets Pro and TradingView data confirm that the BTC price dropped from an opening of $63,170 on June 24 to an intra-day low of $60,544. This level had not been seen since May 15, over six weeks prior.
The daily relative strength index (RSI) has seen a decrease from 33 to 28 over the past 24 hours, further emphasizing the strength of the downward trend. Independent trader Jelle highlighted this development in a June 24 post on X, noting that “Bitcoin’s daily RSI has not been this low in nearly a year.”
In another post, Jelle suggested that BTC is “starting to push for a lower-time frame bounce, with funding in the negatives.” Fellow trader Dom’s Crypto outlined key levels for Bitcoin’s future movement, cautioning that if the price fails to bounce at $61,300 or hold above $60,000, it could drop to the “200-day SMA at $57,200.”
Interestingly, monitoring resource CoinGlass reported that liquidity reached up to $13.28 million, accumulates at $60,450, near today’s swing low. Additional data confirmed that $155.22 million of BTC long positions had been liquidated over the past 24 hours. 
This piece does not offer investment advice or recommendations. Any investment or trading decision should be made after thorough research, as all such moves carry inherent risks.