Bitcoin ETFs register fourth consecutive day of outflows
US spot Bitcoin ETFs have had a rough couple of days with investor interest apparently waning.
Bitcoin ETF registered an outflow of $152.42 million on Tuesday, the fourth straight day of net outflows.
First in outflows was Fidelity's FBTC, which saw an outflow of $83 million. Additionally, Grayscale's GBTC and Bitwise's BITB were also not spared as they saw large outflows of $62 million and $7 million respectively.
📊 Bitcoin ETF Tracker | 2024-06-18
🟥 Daily Total Net Inflow -$152.42M
💰 Total Value Traded $1.70B
🏦 Total Net Assets $56.06B
📊 ETF Market Value Ratio 4.38%🥇 Net Inflows/Outflows for Each ETF
⬜️ IBIT $0
⬜️ ARKB $0
⬜️ BTCO $0
⬜️ BTCW $0
⬜️ BRRR $0
⬜️ EZBC $0
⬜️ HODL $0
⬜️… pic.twitter.com/JQwb39dGFR— SoSo Value (@SoSoValueCrypto) June 19, 2024
However, the remaining eight ETFs in this category do not appear to have registered major changes in their financial activities. These 11 spot Bitcoin ETFs still reported net inflows of $14.81 billion, which is still a significant drop from the $7 billion recorded on June 15.69.
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Major financial institutions will begin accepting Bitcoin, according to BernsteinSurprisingly, however, while the excitement around crypto ETFs seems to be fading, total trading volume for them on Tuesday reached $1.7 billion, compared to Monday's figure of just $1.24 billion.
At the same time in the last twenty-four hours the price of Bitcoin did not register significant movements, trading at $65,250. Also, according to analysts at CryptoQuant, things could soon go downhill for the world's largest cryptocurrency as it has broken below an important support level.
It is rumored that Bitcoin could undergo a correction of 8%-12% in the short term, with predictions that it could fall to around $60,000 per coin. Of course, such predictions should not be taken as certain, as cryptocurrencies are very volatile assets.
But one thing is clear: the recent outflows from US spot Bitcoin ETFs show just how fickle investor sentiment can be in the cryptocurrency world. As the market continues to change and evolve, it will be interesting to see how these investment platforms adapt and if they can win back the trust of investors in the long run.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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