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Spot Bitcoin ETFs in the U.S.: Recent Trends and Market Impact

Jun 11, 2024

The continuous inflows of spot Bitcoin exchange-traded funds (ETFs) in the U.S. have halted following a four-week streak. Data from Farside Investors reveals that spot BTC ETFs in the U.S. experienced $64.9 million in net outflows on June 10, marking the end of their successful four-week run. The outflows were predominantly from Grayscale Bitcoin Trust (GBTC) with $39.5 million exiting. Other funds like Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR), and Fidelity Wise Origin Bitcoin Fund (FBTC) also saw significant outflows of $20.5 million, $15.8 million, and $3 million, respectively. In contrast, Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) were the only ones to witness inflows of $7.6 million and $6.3 million, respectively. The total net inflows of spot BTC ETFs surpassed $15.6 billion, mainly driven by the consistent inflows over a four-week period, which amounted to over $4 billion between May 13 and June 7. The bearish sentiment among investors has been accentuated as they await the U.S. CPI data release scheduled for June 12. Last month's expected CPI of 3.4% fueled a bullish sentiment across the market. As a result, the global crypto market capitalization dropped by 2.8% in the last 24 hours, settling at $2.59 trillion according to data from CoinGecko. Bitcoin's price fell to $67,600, while Ethereum is nearing the $3,500 mark. Currently, 94 out of the top 100 cryptocurrencies are experiencing losses.

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