Bitcoin fell close to $64,000 as the ETF shed $140 million.

The price of Bitcoin plunged close to $64,000 last Friday, hitting a low of $64,300, according to TradingView data. The decline comes amid massive withdrawals totaling $139.88 million from U.S. spot Bitcoin ETFs on Thursday.

Grayscale Bitcoin Trust (GBTC) recorded $53 million in daily net outflows, while Fidelity Wise Origin Bitcoin Fund (FBTC) recorded $51 million in daily net outflows, according to data from SoSoValue.

The Bitwise Bitcoin ETF recorded outflows of $32 million, while the VanEck Bitcoin Trust and Invesco Galaxy Bitcoin ETFs recorded outflows of $4 million and $2 million, respectively.

In contrast, BlackRock’s iShares Bitcoin Trust enjoyed inflows of $1.5 million. There were no flows in ARK 21Shares Bitcoin ETF (ARKB), Franklin Templeton Bitcoin ETF (EZBC), and WisdomTree Physical Bitcoin (BTCW) during the day’s trading session.

The latest record marks the fifth straight day of losses for the U.S. spot Bitcoin ETF, but it is not the most extended. The longest continuous period of outflows was from April 24 to May 2, with a loss of $1.2 billion.

Historically, Bitcoin’s price movements have reflected ETF flows. But over the past few weeks, numerous factors have shifted.

The latest selling pressure could come from the German government, which has transferred about $195 million in Bitcoin to exchanges since June 19, according to Arkham Intelligence. Data shows that the government still holds about $3 billion worth of BTC.

Update: German government is selling >$195 million in BTC to date.

In the last two hours, the German government sent $65 million in BTC to deposits at two exchanges, including Coinbase.

The German government moved $600 million in BTC yesterday, sending $130 million in BTC to deposits at four exchanges, including: pic.twitter.com/in2urlDBE0

— Arkham (@ArkhamIntel) June 20, 2024

Another factor to consider is the hedge fund’s BTC exposure. The hedge fund has reduced its market exposure to 0.37 over the past 20 trading days, the lowest since October 2020, according to André Dragosch, head of research at ETC Group.

Boom: Cryptocurrency hedge funds have really done well. #Bitcoin Recently.

they are their $BTC Over the last 20 trading days, the market exposure was only 0.37. 🙌

It is the lowest since October 2020. pic.twitter.com/WZCRK9QlMG

— Andre Dragosh | Bitcoin and Macros ⚡ (@Andre_Dragosch) June 19, 2024

Macroeconomic factors, including the Federal Reserve’s stance on interest rates, could also influence markets, with a cut unlikely until later this year. The Fed said it needed more data to be confident that inflation had reached its 2% target.

Bitcoin’s bearish momentum could be exacerbated by these factors. As of this writing, Bitcoin is trading at around $64,500, down nearly 8% in a month.