Bitcoin ETF $4.5 Billion Outflow for June; BTC Rate Declines to $64.1K

Quick overview

U.S. spot Bitcoin ETF showed outflows of $4.5 billion for the month of June, marking the worst month on record since its entry to the market.

Analysts expect Bitcoin (BTC) to continue its fall after a poor ETF report for June and a slip from Wednesday’s high of $65,463 to its current rate of $64,100 (BTC/USD). The coin fell 0.83% over the last day, while Ethereum (ETH), BNB (BNB), and XRP (XRP) all held steady.

Now, Citi expects that Bitcoin will only climb to $82,000 over the next 12 months, lowering their price target from the much more positive $112,000. They anticipate a bear scenario as well that would push the coin down to $53,000. They are not the only investment entity expecting little from Bitcoin in the coming months, because longtime Bitcoin supporter and investor Strategy sold off $2.5 million in BTC at the end of May, marking their first sale in years.

Bitcoin ETF Outflows Signal Falling Investor Sentiment

Over the month of June ETF outflows climbed to $4.5 billion as investors sold their coins and moved over to more promising assets. The price of Bitcoin fell as well, dropping more than 20% throughout June and bottoming out at $58,190. That price point marked the lowest the BTC rate has been in nearly two years.

Bitcoin’s trade volume sunk to $29.51 billion per 24 hours on Thursday, far below the more than $40 billion per day trade volume that the coin achieved earlier in the year. The coin was bullish earlier in the week but is now quickly losing investor sentiment and having trouble making back recent losses.

3,000 BTC moved this week from a wallet that had been dormant for nine years. The bitcoins are valued at about $383 million, and no destination exchange has been chosen. The coins were simply moved from the dormant wallet to another account. A move of this magnitude raises interest for the token, of course, but the next move for those thousands of bitcoins is unclear at this point.

Even if those coins are moved to an exchange over the course of a week, their impact would be felt on the market, so analysts and investors are paying attention and trying to predict the next move for the wallet holder. Meanwhile, Middle East conflict and cooling inflation are pulling Bitcoin in different directions, keeping it from moving too quickly either way.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

Bitcoin (BTC) Price Prediction Following Climb to $64,800

1 day ago

Save

Ethereum Soars 6% as Cooler Inflation Cools Fed Rate Hike Fears

1 day ago

Save

Standard Chartered Sticks to $100K Bitcoin Target, Calls Sell-Off a Healthy Shakeout

1 day ago

Save