Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

Recent monitoring data from Farside Investors revealed a substantial net outflow of $146 million from the US Bitcoin spot ETF market yesterday. This significant movement indicates a shifting sentiment among investors. The net inflow has been negative for 3 consecutive days. 
Also 9 out of the 10 US Bitcoin ETFs, including both&nbsp;BlackRock (IBIT) and Grayscale (GBTC), experienced zero or negative single-day flow. According to data spot on chain, the cumulative total net inflow after 109 trading days dropped to below $15B.&nbsp;In a way the downturn in bitcoin price has seemed to have been attributed to this market dynamic. 
<h2 id="detailed-breakdown-of-etf-outflows">Detailed Breakdown of ETF Outflows</h2> 
The net outflow of US Bitcoin spot ETFs amounted to $145.9 million yesterday. <a href="https://coingape.com/tag/fidelity/" target="_blank" rel="noopener">Fidelity</a> Wise Origin Bitcoin Fund (FBTC) experienced the highest outflows, with a net outflow of $92 million, highlighting a significant shift in investor behavior towards this fund. 
ARK 21Shares Bitcoin ETF (ARKB) followed with net outflows of $50.0 million, while VanEck Bitcoin Trust (HODL) and <a href="https://coingape.com/tag/grayscale/" target="_blank" rel="noopener">Grayscale Bitcoin Trust (GBTC)</a> reported net outflows of $3.8 million and $3.0 million, respectively. Invesco Galaxy Bitcoin ETF (BTCO) had net outflows of $2.9 million. Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market registered total net outflows of $145.9 million. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-202878" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-726.png" alt="" width="609" height="451" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-726.png 882w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-726-300x222.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-726-768x569.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-726-80x60.png 80w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-726-150x111.png 150w" sizes="(max-width: 609px) 100vw, 609px"> 
This development shows varying investor sentiments towards different <a href="https://coingape.com/tag/bitcoin-etf/" target="_blank" rel="noopener">Bitcoin ETFs</a> in a volatile market, especially during a period of declining prices. However, some ETFs, including IBIT, BTCO, EZBC, BRRR, BTCW, and DEFI, reported zero net inflows, indicating a neutral stance among investors. 
Also Read: <a href="https://coingape.com/bitcoin-price-drops-to-one-month-low-slipping-under-50-dma-more-btc-downside-left/" target="_blank" rel="noopener">Bitcoin Price Hits One Month Low Dropping Under 50-DMA , More Downside Left?</a> 
<h2 id="bitcoin-price-trends-and-market-implications">Bitcoin Price Trends and Market Implications</h2> 
The price of <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin (BTC)</a> stands at $65,567.92 today, with a 24-hour trading volume of $36.6 billion. This marks a -0.67% price decline in the last 24 hours and a -3.50% decline over the past 7 days. 
With a circulating supply of 20 million BTC, Bitcoin’s market cap is valued at $1.2 trillion. Currently, BTC remains below the 50-day EMA while holding above the 200-day EMA, confirming a bearish near-term but bullish longer-term price trend. 
A BTC break above the <a href="https://coingape.com/bitcoin-price-drops-to-one-month-low-slipping-under-50-dma-more-btc-downside-left/" target="_blank" rel="noopener">50-day EMA</a> could give the bulls a chance to reach the $69,000 resistance level, and a breakout from this level could signal a move toward the $73,808 all-time high. Investors should pay attention to US retail sales figures, FOMC Member chatter, and US BTC-spot ETF market flow trends, as these factors could influence market dynamics. 
Bitcoin bulls are navigating a risky crossroads that may lead to a rebound to $70,000 or an extended pullback to $60,000. Annihilating the support around $65,000 would leave BTC defenseless against a strengthening bearish front, highlighting the critical nature of the current price levels. 
Also Read: <a href="https://coingape.com/crypto-prices-today-june-18-bitcoin-nosedives-65k-ethereum-sinks-5-amid-bearish-market/" target="_blank" rel="noopener">Crypto Prices Today June 18: Bitcoin Nosedives To $65K, Ethereum Sinks 5% Amid Bearish Market</a> 
The post <a href="https://coingape.com/us-bitcoin-etf-outflow-hits-146m-as-bitcoin-price-plummets/">US Bitcoin ETF Outflow Hits $146M As Bitcoin Price Plummets</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

US Bitcoin ETF Outflow Hits $146M As Bitcoin Price Plummets

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