The world’s largest bitcoin ($BTC) spot exchange-traded fund (ETF) saw outflows of over $500 million late last week, which could have triggered the flagship cryptocurrency’s crash to a low under the $18,000 mark.

According to a research note from Norway-based Arcane Research, first reported by CoinDesk, the Purpose Bitcoin ETF saw an outflow of 24,510 BTC on Friday, June 17, making it the most severe single-day redemption the fund has seen since it was listed on the Toronto Stock Exchange.

Those outflows forced the fund to sell about $500 million worth of BTC at market price, which added to the selling pressure in the market. Arcane analyst Vetle Lunde wrote:

The enormous outflows are likely caused by a forced seller in a huge liquidation. The forced selling of the 24,000 BTC could have triggered BTC’s move down towards $17,600 this weekend.

Bitcoin ETFs track the value of the flagship cryptocurrency and allow investors to gain exposure to BTC without holding it directly. These funds can be bought and sold on traditional stock exchanges and actively add and sell BTC to match investor inflows and outflows.

Ahead of the $500 million outflows, the Purpose Bitcoin ETF was by far the largest bitcoin ETF, managing around 48,000 BTC.

According to CryptoCompare data, the price of Bitcoin plunged to a $17,639 low on June 18 after a significant sell-off that saw it go under the support at around $20,000, which marked the cryptocurrency’s high during the 2017 bull run. BTC has since recovered and is now trading at $20,500.

Cryptocurrency markets have been plunging over a number of macroeconomic factors, which include soaring inflation throughout the world and the ongoing Russian invasion of Ukraine, coupled with crypto lender Celsius Network freezing withdrawals from its platform citing “extreme market conditions.” These factors have seen the cryptocurrency space’s total capitalization drop below $1 trillion for the first time since early 2021.

As CryptoGlobe reported, before BTC dropped below $20,000 Fidelity’s Director of Global Macro Jurrien Timmer said that Bitcoin’s “P/E” metric using the cryptocurrency’s price and network ratio, IT was back to levels last seen in 2017 and 2013, even though the cryptocurrency’s price was back to late 2020 levels.

Meanwhile, former hedge fund manager Jim Cramer, who has in the past said he directly owned Ethereum ($ETH) and told viewers to consider investing in Coinbase stock (NASDAQ: COIN) in August 2021, has recently said he sees the price of Bitcoin ($BTC) drop to $12,000 in the future.

As reported, Bitcoin whale activity has recently surged to a 4-month high as $BTC whales have started buying the flagship cryptocurrency’s dip as it approached the critical support at $20,000.

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