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Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>US spot Bitcoin ETFs experienced a net outflow of $64.93 million on Monday, ending a 19-day inflow streak.</li>
 <li>Grayscale’s GBTC saw the highest outflow, while BlackRock’s IBIT and Bitwise’s BITB recorded inflows.</li>
</ul>
<p>The 11 US spot <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded funds (ETFs) saw a daily net outflow of $64.93 million on Monday, breaking a 19-day period of net inflows.</p>
<h2 id="etf-outflows-and-inflows">ETF Outflows and Inflows</h2>
<p>Grayscale’s GBTC led the outflows with $40 million, while other funds like Invesco and Galaxy Digital’s BTCO also experienced net outflows of $20 million. Data from SosoValue also revealed that Valkyrie’s bitcoin ETF and Fidelity’s FBTC had net outflows of $16 million and $3 million respectively.</p>
<p>Meanwhile, BlackRock’s IBIT, the largest spot bitcoin ETF in terms of net assets, saw net inflows of $6 million. Bitwise’s BITB also recorded $8 million of inflows.</p>
<h2 id="bitcoin-price-and-market-anticipation">Bitcoin Price and Market Anticipation</h2>
<p>The price of Bitcoin dipped last Friday following conflicting US non-farm payroll data and unemployment data. This uncertainty caused investors to move away from riskier assets, according to crypto trading firm QCP Capital.</p>
<p>Market participants are now waiting for the release of the U.S. Consumer Price Index (CPI), a key measure of inflation, and the Federal Open Market Committee meeting expected this week.</p>
<p>The CME Group predicts a 99.4% chance that the Fed will maintain the current interest rate of 5.25% to 5.50%. However, a Reuters poll of economists suggests that the Fed is likely to cut rates twice this year, starting in September.</p>
<h2 id="spot-ether-etfs-launch">Spot Ether ETFs Launch</h2>
<p>US ETF issuers are awaiting feedback from the Securities and Exchange Commission on their S-1 registration statements, submitted last month. Approval of these forms by the SEC is necessary for the official launch of their spot <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> funds.</p>
<p>According to Bitfinex’s head of derivatives, Jag Kooner, the launch of spot ether ETFs could capture up to 20% of the current flows directed towards spot bitcoin ETFs.</p>

Bitcoin ETFs in US experience $65M net outflows, breaking 19-day gain streak

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