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- Outflows from exchange-traded funds negatively affect Bitcoin:
Institutional demand decline supports Bitcoin price correction this week. Data from SoSoValue shows that spot Bitcoin exchange-traded funds recorded a total net outflow of $338.81 million by Thursday, marking the largest weekly outflows since November 21, and ending the positive inflow streak seen the previous week. If these outflows continue and worsen, Bitcoin's price may experience further correction.
Weekly chart of net flows of exchange-traded funds in Bitcoin futures. Source: SoSoValue
On the institutional front, Michael Saylor, the CEO of Strategic, announced on Monday that his company, Strategic Inc (MSTR), purchased 10,645 Bitcoin for $980 million. This transaction followed the purchase of 10,624 Bitcoin the previous week, highlighting the company's ongoing strong expansion strategy and its firm belief in Bitcoin in the long term despite the current market weakness.