Bitcoin ETF

Galaxy

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>US spot Bitcoin ETFs recorded a daily net outflow of $174.45 million on Monday.</li>
 <li>The outflows occurred as Bitcoin’s price hit a six-week low.</li>
</ul>
<p>On Monday, the US spot <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded funds (ETFs) reported a total daily net outflow of $174.45 million.</p>
<p>This marked the seventh consecutive day of negative flows.</p>
<h2 id="details-of-the-outflows">Details of the Outflows</h2>
<p>Grayscale’s GBTC experienced the highest outflow of $90 million.</p>
<p>It was followed by Fidelity’s FBTC, which saw an outflow of $35 million, according to data from SosoValue.</p>
<p>Franklin Templeton’s EZBC also reported net outflows of $20.8 million, its first since May 2.</p>
<p>Other funds such as VanEck’s HODL, Bitwise’s BITB, Ark Invest and 21Shares’ ARKB fund, Invesco and Galaxy Digital’s BTCO also experienced outflows.</p>
<p>BlackRock’s IBIT, the largest spot Bitcoin ETF in terms of net asset value, along with funds from Valkyrie, WisdomTree and Hashdex, recorded zero flows.</p>
<h2 id="bitcoin-price-decline">Bitcoin Price Decline</h2>
<p>These outflows coincided with Bitcoin’s price hitting its lowest point in nearly six weeks, where it briefly went under the $60,000 mark on Monday.</p>
<p>At the time of publication, it was trading at $61,191, down 2.36% in the past 24 hours.</p>
<p>Bitcoin’s price decline followed a significant announcement from Mt. Gox, the defunct cryptocurrency exchange that declared bankruptcy in 2014 after suffering multiple hacks.</p>
<p>Mt. Gox announced plans to distribute $9 billion worth of Bitcoin and Bitcoin cash repayments to creditors from July.</p>
<p>Analysts suggest that the Mt. Gox announcement is a classic ‘sell the news’ scenario, causing concerns among investors of a likely influx of supply that could be liquidated upon receiving.</p>

Bitcoin ETFs Report $174 Million Drop Amidst US Spot Bitcoin Price Fluctuations

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