Bitcoin

Spot

Grayscale Bitcoin Trust

The crypto market experienced a notable shift on June 20, with <a href="https://coingape.com/tag/spot-bitcoin-etfs/">spot Bitcoin ETFs</a> witnessing a significant outflow of $140 million, marking the fifth consecutive day of losses. Grayscale’s GBTC was the hardest hit, losing $53.1 million in a single day. 
In contrast, BlackRock’s IBIT ETF bucked the trend, recording an inflow of $1.48 million, which increased its total inflow to an impressive $14.67 billion. These contrasting movements highlight the diverse strategies investors are adopting in response to the volatile crypto market. 
<h2 id="detailed-analysis-of-spot-bitcoin-etf-outflows">Detailed Analysis of Spot Bitcoin ETF Outflows</h2> 
Spot Bitcoin ETFs continued to see money flowing out, with $139.88 million in net outflows on June 20. This marks the fifth consecutive day of outflows. The trend began earlier in the week, with $152.4 million leaving these funds on June 18. Markets were closed on June 19 for a holiday. 
<img decoding="async" class="aligncenter size-full wp-image-203528" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-733.png" alt="" width="1141" height="620" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-733.png 1141w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-733-300x163.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-733-768x417.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-733-150x82.png 150w" sizes="(max-width: 1141px) 100vw, 1141px"> 
On Thursday, the market faced its fifth successive day of net outflows, with <a href="https://coingape.com/tag/grayscale/" target="_blank" rel="noopener">Grayscale Bitcoin Trust (GBTC)</a> seeing a significant outflow of $53.1 million and Fidelity Wise Origin Bitcoin Fund (FBTC) experiencing a $51.1 million outflow. 
The market is now looking to upcoming U.S. private-sector PMI data on June 21 as a potential turning point. If these numbers suggest a <a href="https://coingape.com/tag/fed-rate-cut/" target="_blank" rel="noopener">Federal Reserve rate cut</a> in September is likely, it could halt the outflow streak. However, if the U.S. S&amp;P Global Services PMI comes in higher than the forecasted drop from 54.8 to 53.7 in June, it might lead to a sixth day of outflows. 
Also Read: <a href="https://coingape.com/us-lawmakers-push-for-humanitarian-release-of-binance-exec-in-nigeria/" target="_blank" rel="noopener">US Lawmakers Push for ‘Humanitarian Release’ of Binance Exec in Nigeria</a> 
<h2 id="current-bitcoin-price-and-market-trends">Current Bitcoin Price and Market Trends</h2> 
<a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin’s price</a> has dipped to $64,678.11, down 1.34% in the last day and 3.42% over the week. Trading volume hit $23.4 billion in 24 hours. With 20 million coins out there, Bitcoin’s market value sits at $1.2 trillion. The price is below its 50-day average but above the 200-day, hinting at short-term weakness but long-term strength. <a rel="nofollow" href="https://coinalyze.net/bitcoin/open-interest/" target="_blank">Open interest</a> in Bitcoin contracts dropped slightly to $19 billion. 
<img decoding="async" class="aligncenter wp-image-203523" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-732.png" alt="" width="722" height="406" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-732.png 1366w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-732-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-732-1224x688.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-732-768x432.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-732-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-732-150x84.png 150w" sizes="(max-width: 722px) 100vw, 722px"> 
If Bitcoin breaks above its 50-day average, it could push toward $69,000 and possibly its $73,808 record high. But a fall under $64,000 might see it slide to $60,365. The <a href="https://coingape.com/glossary/rsi-relative-strength-index/" target="_blank" rel="noopener">RSI</a> of 39.47 suggests more room to fall before hitting oversold levels. Investors should watch US Services data and Bitcoin ETF flows closely. 
Also Read: <a href="https://coingape.com/canada-may-see-first-solana-etf-as-3iq-submits-etp-filing/" target="_blank" rel="noopener">Canada May See First Solana ETF as 3iQ Submits ETP Filing</a> 
The post <a href="https://coingape.com/bitcoin-spot-etfs-suffer-140m-outflow-marking-five-day-decline/">Spot Bitcoin ETFs Suffer $140M Outflow, Marking Five-Day Decline</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Spot Bitcoin ETFs Suffer $140M Outflow, Marking Five-Day Decline

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