The recent significant outflows from U.S. Bitcoin ETFs, totaling $583 million, have contributed to a bearish sentiment in the cryptocurrency market. This marks the second-largest outflow since the inception of these ETFs, reflecting investor concerns over macroeconomic uncertainties and the potential inflationary impact of President-elect Donald Trump's policies. Additionally, the U.S. government's approval to liquidate a substantial amount of Bitcoin seized from the Silk Road marketplace, valued at $6.5 billion, has added to market pressures. This potential increase in supply has created further uncertainty, causing Bitcoin to struggle in maintaining its recent highs.
The ProShares Short Bitcoin Strategy ETF (BITI) is currently priced at $23.45 as of 7:40 AM on Thursday, January 9.