The U.S. spot Bitcoin ETF has experienced a difficult few days, with a noticeable decrease in investor interest.
Registered capital outflows of $15.242 billion on Tuesday, marking the fourth consecutive day of net outflows. The outflows were primarily from Fidelity’s FBTC, with an outflow of $830,000. Additionally, Grayscale’s GBTC and Bitwise’s BITB saw significant capital outflows of $620,000 and $70,000, respectively.
Bitcoin ETF Tracker | 2024-06-18
Daily net inflow total -$152.42M
Total trading value $1.70B
Total net assets $56.06B
ETF market value ratio 4.38%
Net inflow/outflow per ETF
⬜️ IBIT $0
⬜️ ARKB $0
⬜️ BTCO $0
⬜️ BTCW $0
⬜️ BRRR $0
⬜️ EZBC $0
⬜️ Holding $0
⬜️…
pic.twitter.com/JQwb39dGFR
– SoSo Value (@SoSoValueCrypto)
June 19, 2024
However, the financial activities of the remaining eight ETFs in this category did not seem to undergo significant changes. These 11 spot Bitcoin ETFs still reported net inflows of $1.481 billion, a significant decrease from the $1.569 billion recorded on July 15.
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Surprisingly, despite waning enthusiasm for crypto ETFs, their total trading volume reached $170 million on Tuesday, compared to $124 million on Monday.
Over the past 24 hours, the price of Bitcoin has not seen significant changes, trading at $65,250. Additionally, according to analysts at CryptoQuant, the situation for the world’s largest cryptocurrency may soon take a downturn as it has broken through a key support level.
There are rumors that Bitcoin may experience a short-term pullback of 8%-12%, with its price expected to drop to around $60,000 per coin. Of course, this prediction should not be taken as certain, as cryptocurrencies are highly volatile assets.
However, one thing is clear: the recent capital outflows from the U.S. spot Bitcoin ETF indicate how fickle investor sentiment can be in the world of cryptocurrencies. As the market continues to evolve and change, it will be interesting to see how these investment platforms adapt and whether they can regain investors’ trust in the long run.
