Spot Bitcoin exchange-traded funds (ETFs) in the U.S. experienced a net outflow of $64.9 million on June 10, breaking their four-week streak of continuous inflows. The majority of outflows were from the Grayscale Bitcoin Trust (GBTC), which saw $39.5 million in outflows. Other ETFs like Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR), and Fidelity Wise Origin Bitcoin Fund (FBTC) also experienced significant outflows.
On the contrary, Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) were the only ones to record inflows of $7.6 million and $6.3 million, respectively. Despite the recent outflows, the total net inflows of spot BTC ETFs in the U.S. have exceeded $15.6 billion, with over $4 billion in net inflows recorded between May 13 and June 7.
The bearish sentiment in the market can be attributed to investor caution ahead of the U.S. Consumer Price Index (CPI) data release scheduled for June 12. The previous CPI data came in at 3.4%, as expected, leading to a bullish market sentiment. As a result, the global crypto market capitalization has declined by 2.8% in the past 24 hours, with Bitcoin dropping to $67,600 and Ethereum nearing the $3,500 mark. Currently, 94 of the top 100 cryptocurrencies are trading in the red zone.
In summary, the recent outflows in spot Bitcoin ETFs in the U.S. mark the end of a four-week streak of continuous inflows. The majority of outflows came from the Grayscale Bitcoin Trust (GBTC), with other ETFs also experiencing significant outflows. Despite the recent decline, the total net inflows of spot BTC ETFs in the U.S. have exceeded $15.6 billion. The bearish sentiment in the market can be attributed to investor caution ahead of the U.S. CPI data release, leading to a decline in the global crypto market capitalization. Bitcoin and Ethereum are both trading lower, with most cryptocurrencies in the red zone.
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