Bitcoin ETFs Analysis in the U.S.

According to The Block's report, U.S. spot bitcoin ETFs experienced daily net outflows of $13.62 million yesterday.

Grayscale's GBTC witnessed net outflows of $32.38 million.

The 11 U.S. spot bitcoin exchange-traded funds witnessed a total of $13.62 million in daily net outflows on Tuesday, reverting to negative flows after five consecutive days of inflows.

Grayscale's GBTC saw net outflows of $32.38 million, followed by Bitwise's BITB with a loss of $6.76 million, as per SosoValue data.

Conversely, BlackRock's IBIT showed inflows of $14.12 million, and Fidelity's FBTC experienced inflows amounting to $5.42 million. VanEck's bitcoin fund recorded $3.51 million, while Ark Invest and 21Shares' ARKB reported $2.48 million in net inflows on Tuesday.

The 11 bitcoin funds traded below $1 billion on Tuesday, a notably lower volume compared to the peak trading in March of approximately eight to ten billion dollars daily. Since their inception in January, the ETFs have gathered a combined net inflow of $14.64 billion.

Meanwhile, the price of bitcoin dropped by 3.51% in the last 24 hours to $60,876 at the time of publishing, sourced from The Block's bitcoin price data.

This dip occurred despite Standard Chartered's Tuesday report suggesting a potential surge for the leading cryptocurrency, projecting an all-time high in August and a climb to $100,000 by the U.S. presidential elections in November.

In an unlikely event of the current U.S. President Joe Biden withdrawing from the election race, bitcoin prices could further decline to the $50,000 to $55,000 range, as forecasted by Standard Chartered.