After four consecutive weeks of consistent inflows, spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. recorded net outflows on June 10, according to data from Farside Investors.
Details of the Outflows
The spot BTC ETFs saw net outflows totaling $64.9 million, marking the end of their four-week inflow streak. The Grayscale Bitcoin Trust (GBTC) was the most affected, with $39.5 million in outflows. Other ETFs also experienced significant withdrawals: Invesco Galaxy Bitcoin ETF (BTCO) had $20.5 million in outflows, Valkyrie Bitcoin Fund (BRRR) saw $15.8 million, and Fidelity Wise Origin Bitcoin Fund (FBTC) recorded $3 million in outflows.
Inflows Amidst Outflows
Despite the overall negative trend, not all ETFs recorded outflows. The Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) managed to buck the trend, recording inflows of $7.6 million and $6.3 million, respectively.
Previous Inflow Performance
The spot BTC ETFs had previously enjoyed a period of robust inflows, surpassing a total of $15.6 billion. From May 13 to June 7 alone, these ETFs saw over $4 billion in net inflows, highlighting the strong interest in Bitcoin during that period.
Market Sentiment and Economic Data
The shift in sentiment comes as investors adopt a more cautious approach ahead of the U.S. Consumer Price Index (CPI) data release scheduled for June 12. Last month’s CPI met expectations at 3.4%, which had fueled bullish sentiment across the market. However, the current cautious outlook has contributed to a broader decline in the cryptocurrency market.
Market Impact
The global cryptocurrency market capitalization has fallen by 2.8% over the past 24 hours, currently standing at $2.59 trillion, as reported by CoinGecko. Bitcoin’s price dropped to $67,600, and Ethereum (ETH) approached the $3,500 mark. Moreover, 94 of the top 100 cryptocurrencies are currently in the red, reflecting the prevailing bearish sentiment.
Conclusion
The recent outflows from spot BTC ETFs indicate a shift in investor sentiment amid economic uncertainty. As the market awaits key economic data, the cautious approach of investors highlights the volatility and sensitivity of the cryptocurrency market to broader financial indicators.
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