Bitcoin ETFs experience first day of withdrawals in four weeks
The streak of continuous inflows into spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. has finally come to an end after four weeks of growth.
Farside Investors reported that on June 10, spot BTC ETFs in the U.S. experienced a net outflow of $64.9 million, marking the end of their four-week winning streak. The majority of the outflows were from the Grayscale Bitcoin Trust (GBTC), which saw $39.5 million exiting.
Other funds such as the Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR), and Fidelity Wise Origin Bitcoin Fund (FBTC) also saw outflows of $20.5 million, $15.8 million, and $3 million, respectively. However, the Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) were the only ones to record inflows of $7.6 million and $6.3 million.
Despite the recent outflows, the total net inflows of spot BTC ETFs in the U.S. have surpassed $15.6 billion, with over $4 billion in net inflows between May 13 and June 7.
Investors are adopting a cautious stance ahead of the U.S. CPI data release on June 12, following last month’s CPI of 3.4%, which met expectations and boosted market sentiment.
As a result, the global crypto market capitalization has decreased by 2.8% in the last 24 hours, reaching $2.59 trillion according to CoinGecko. Bitcoin has dropped to $67,600 and Ethereum (ETH) is approaching the $3,500 mark, with 94 of the top 100 cryptocurrencies in the red zone.
For further information, you can read about how MAGA and STRUMP memecoins are tumbling amid Trump Media’s new SEC filing, and how Bitcoin and Ethereum exchange balances have reached a 4-year low.
