Spot BTC ETFs record first day of outflows in 4 weeks

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As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market fluctuations. The recent four-week streak of net inflows into U.S. spot Bitcoin ETFs was an exciting development that fueled optimism in the community. However, the sudden reversal of fortunes with $64.9 million in net outflows on June 10 is a cause for concern.

As a researcher studying the Bitcoin market, I’ve noticed that the influx of weekly Spot Bitcoin ETFs in the United States has ceased after a four-week run.

Based on Farside Investors’ data, there were net withdrawals of $64.9 million from bitcoin spot ETFs in the United States on June 10, marking an end to their four consecutive weeks of positive inflows. The largest chunk of these outflows came from Grayscale Bitcoin Trust, totaling $39.5 million in withdrawals.

As a researcher studying the recent trends in Bitcoin investment vehicles, I’ve observed that the Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR), and Fidelity Wise Origin Bitcoin Fund (FBTC) experienced outflows of approximately $20.5 million, $15.8 million, and $3 million respectively.

As a crypto investor, I’ve noticed that while most Bitcoin investment products experienced outflows last week, the Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) bucked the trend with inflows of $7.6 million and $6.3 million respectively.

The past month has seen significant investments in U.S. spot Bitcoin ETFs, surpassing the $15.6 billion threshold with weekly inflows exceeding $4 billion from May 13 to June 7.

Investors are adopting a wary stance prior to the upcoming U.S. Consumer Price Index (CPI) data announcement on June 12. Last month’s CPI reading of 3.4% was in line with forecasts, resulting in a widespread optimistic market response.

As a result, the total crypto market capitalization dropped by 2.8% within the last 24 hours and currently stands at approximately $2.59 trillion based on CoinGecko’s data. The price of Bitcoin has dipped to around $67,600, while Ethereum (ETH) is heading towards the $3,500 mark. At present, 94 out of the top 100 cryptocurrencies are experiencing a decrease in value.

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2024-06-11 10:00