Will Bitcoin Spot ETFs Recover? Recent Outflows Halt 19-Day Inflow Streak
After an impressive run of 19 consecutive days of inflows, the landscape for U.S.-listed Bitcoin spot ETFs abruptly shifted, marking
After an impressive run of 19 consecutive days of inflows, the landscape for U.S.-listed Bitcoin spot ETFs abruptly shifted, marking a significant net outflow of $65 million on Monday. This change disrupted the longest inflow streak since these products were introduced.
Grayscale’s Bitcoin Trust (GBTC) experienced the largest withdrawal, with $40 million flowing out, making it the most affected ETF in terms of outflows since its inception in January.
Grayscale's Bitcoin Trust (#GBTC) experiences a 4% value increase after converting into an ETF. The shifting dynamics in the digital asset trading landscape continue amidst fierce competition among ETF providers. #BitcoinTrust #ETF #digi… https://t.co/rNudDe5HwM pic.twitter.com/UotFpsJgZw
— BlockBriefly (@blockbriefly) January 11, 2024
Detailed Analysis of ETF Performance
Grayscale’s GBTC wasn’t alone in facing setbacks. Invesco and Galaxy Digital’s joint venture, BITCO, reported $20 million in outflows, and Valkyrie’s BRRR ETF followed closely with a $16 million decrease.
In the US, 11 spot #Bitcoin investment funds saw a daily net outflow of $64.93 million on June 10, ending the longest inflow streak of 19 days. Grayscale’s GBTC led with a total outflow of $40 million this week. Invesco and Galaxy Digital’s BTCO saw a net outflow of $20 million,… pic.twitter.com/eVGkELK1T7
— IC News (@Andrea70571778) June 11, 2024
Notably, Fidelity’s FBTC ETF also reported a downturn, with $3 million in outflows, marking its first negative report since early May. This downturn aligns with a broader retreat in the cryptocurrency market and general stock market declines, reflecting increased investor caution and market reevaluation.
🚨 Bitcoin ETFs recorded $200 million in net outflows on Tuesday
U.S.-listed Bitcoin ETFs recorded the 2nd consecutive day of outflows driven by #Grayscale's $GBTC.
Ark Invest’s $ARKB, Bitwise’s $BITB, Fidelity’s $FBTC and VanEck’s $HODL recorded outflows ranging from $56… pic.twitter.com/NVkCS6fzi1
— Satoshi Club (@esatoshiclub) June 12, 2024
Market Outlook Amid Economic Indicators
The ETF market’s volatility is occurring alongside pivotal economic events that could dictate short-term movements in riskier assets like cryptocurrencies. Investors are on edge as they await the U.S. Consumer Price Index data and a scheduled speech by U.S.
Treasury Secretary Janet Yellen, both set for this week. Additionally, the Federal Reserve’s Federal Open Market Committee (FOMC) is meeting to discuss monetary policy, which could further influence market dynamics.
Amidst these uncertainties, Bitcoin’s price has dropped 2.7% in the last 24 hours, reversing gains from the previous week when it momentarily surpassed $70,000.
Although Bitcoin's current price has dropped from its all-time high, the market remains optimistic about its future trend #BTC #usdt #crypto pic.twitter.com/fW8pIIZVzO
— Paola(Fo) (@061Paola) June 3, 2024
This confluence of factors suggests a cautious outlook for Bitcoin and related financial products as market participants navigate through a potentially turbulent financial landscape.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals