In the United States, there has been a notable development in the realm of Bitcoin exchange-traded funds (ETFs). On June 10, 11 spot bitcoin investment funds experienced a collective net outflow of $64.93 million, marking the end of a 19-day period of consistent inflows. Among these funds, Grayscale's GBTC led the outflows with a total of $40 million for the week. Data from SosoValue revealed that Invesco and Galaxy Digital's BTCO also saw a net outflow of $20 million, accompanied by investor redemptions in various other funds on the same day.

What's Happening with Bitcoin ETFs?

Valkyrie's Bitcoin ETF fund reported a net outflow of $16 million, while Fidelity's FBTC fund experienced a $3 million outflow, signaling its first negative flow since May 2. In contrast, BlackRock's IBIT fund, the largest spot Bitcoin ETF in terms of net assets, witnessed a net inflow of $6 million. Similarly, Bitwise's BITB fund saw an inflow of $8 million.

The previous 19-day inflow streak, which concluded on May 7, amassed a total of over $4 billion in net inflows. Since their introduction in January, the 11 spot Bitcoin ETF funds have collectively gathered a total net inflow of $15.62 billion.

QCP Capital, a crypto trading firm, noted that Bitcoin's price experienced a decline on May 7 following conflicting reports on the US economy from the non-farm payroll and unemployment data. This ambiguity prompted investors to veer away from riskier assets.

Ongoing Developments

Financial markets are currently anticipating the release of the US Consumer Price Index (CPI), a crucial indicator of inflation, as well as the upcoming Federal Open Market Committee meeting scheduled for the end of the week. CME Group predicts a 99.4% likelihood that the Federal Reserve will maintain the current interest rates within the range of 5.25% to 5.50%. Conversely, a Reuters survey of economists suggests that the Fed might implement two rate cuts starting in September this year.

Moreover, ETF issuers in the US are eagerly awaiting feedback from the Securities and Exchange Commission regarding the S-1 registration statements submitted at the end of the previous month. These issuers require SEC-approved S-1 forms to formally launch spot Ethereum funds.

• A total net outflow of $64.93 million was observed in 11 spot bitcoin funds on June 10.
• Grayscale's GBTC led with outflows of $40 million for the week.
• The market is eagerly anticipating the US CPI release and the Federal Open Market Committee meeting.