aBitcoin Spot ETFs End 19-Day Inflow Streak, BTC Drops to $67,000 USD
U.S.-based Bitcoin spot ETFs recently experienced significant outflows totaling $64.93 million USD on the trading day of June 10, marking the end of their longest streak of 19 consecutive days of inflows. Fidelity's FBTC fund also recorded its first outflow since May 2.
Bitcoin Spot ETFs End 19-Day Inflow Streak, BTC Drops to $67,000 USD
On June 10, 11 Bitcoin spot ETFs witnessed outflows amounting to $64.93 million USD, terminating their longest streak of 19 consecutive inflow days since inception.
Statistics of Bitcoin ETFs in the U.S. on June 10, 2024.
Source: Farside Investors
Grayscale's GBTC led with the largest net outflow, totaling $40 million USD. BTCO and Valkyrie funds also saw outflows of $20 million USD and $16 million USD, respectively.
Conversely, the largest Bitcoin spot ETF, IBIT by BlackRock, experienced a positive flow of $6 million USD, while Bitwise's BITB recorded an inflow of $8 million USD.
Fidelity's FBTC saw an outflow of $3 million USD, marking its first outflow since May 2.
Statistics of FBTC Fund Flows since May 2.
Source: Sosovalue
With $16.94 million USD in outflows, Bitcoin spot ETFs have ended a streak of 19 consecutive inflow days, attracting over $4 billion USD in total inflows.
The activity of these ETFs immediately impacted the price of the leading cryptocurrency. BTC dropped from $70,100 USD to around $67,200 USD within a single day.
1-hour Chart of BTC/USDT Pair on Binance at 03:40 PM on June 11, 2024
According to QCP Capital, the reason behind the BTC price drop and the outflows from Bitcoin spot ETFs is the inconsistency in U.S. non-farm payroll and unemployment rate reports, creating an uncertain economic outlook. This has led investors to turn away from assets like Bitcoin.
Additionally, ETH followed BTC's lead, dropping by 4% in 24 hours and currently trading around $3,500 USD.
1-hour Chart of ETH/USDT Pair on Binance at 03:40 PM on June 11, 2024
Issuers of Ethereum spot ETFs in the U.S. are still awaiting feedback from the SEC regarding the approval of their S-1 filings submitted at the end of May. They require SEC approval of the new S-1 form to officially launch their Ethereum spot ETFs.
The market is eagerly awaiting news on the U.S. Consumer Price Index (CPI), a crucial inflation indicator, as well as the Federal Open Market Committee (FOMC) meeting scheduled for later this week.
