ETFs
Bitcoin Spot ETFs Suffer $140 Million Outflow, Marking Five-Day Decline
The crypto market saw a notable change on June 20, with spot Bitcoin ETFs we see a significant outflow of $140 million, marking the fifth consecutive day of losses. Grayscale’s GBTC was hit the hardest, losing $53.1 million in a single day.
In contrast, BlackRock’s IBIT ETF bucked the trend, seeing an inflow of $1.48 million, bringing its total inflow to an impressive $14.67 billion. These contrasting moves highlight the various strategies adopted by investors in response to the volatile crypto market.
Detailed analysis of Spot Bitcoin ETF exits
Spot Bitcoin ETFs continued to see money flow, with $139.88 million in net outflows on June 20. This is the fifth consecutive day of releases. The trend began earlier in the week, with $152.4 million flowing out of these funds on June 18. The markets were closed on June 19 for a public holiday.
On Thursday, the market faced its fifth consecutive day of net outflows, with Grayscale Bitcoin Trust (GBTC) seeing a significant outflow of $53.1 million and the Fidelity Wise Origin Bitcoin Fund (FBTC) seeing an outflow of $51.1 million.
The market is now viewing the upcoming US private sector PMI data on June 21 as a potential turning point. If these figures suggest a Federal Reserve rate cut in September is likely, this could put an end to the sequence of capital outflows. However, if the US S&P Global Services PMI proves higher than June’s forecast decline of 54.8 to 53.7, it could lead to a sixth day of capital outflows.
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Current Bitcoin Price and Market Trends
The price of Bitcoin fell to $64,678.11, down 1.34% on the last day and 3.42% over the week. Trading volume reached $23.4 billion in 24 hours. With 20 million coins available, the market value of Bitcoin stands at $1.2 trillion. The price is below its 50-day average but above its 200-day average, suggesting short-term weakness but long-term strength. Open interest Bitcoin contracts fell slightly to $19 billion.
If Bitcoin breaks above its 50-day average, it could reach $69,000 and perhaps its all-time high of $73,808. But a fall below $64,000 could drag it to $60,365. THE ROI of 39.47 suggests more room to decline before reaching oversold levels. Investors should closely monitor US service data and Bitcoin ETF flows.
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