Key Points
- Spot Bitcoin ETFs in the U.S. experience a net outflow of $64.9 million, breaking a four-week inflow streak.
- The global crypto market capitalization has declined by 2.8%, with Bitcoin and Ethereum prices falling.
After four weeks of constant inflows, the U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen a reversal. Data from Farside Investors indicates that these ETFs recorded a net outflow of $64.9 million on June 10.
Details of the Outflows
The Grayscale Bitcoin Trust (GBTC) accounted for the majority of these outflows, with a recorded $39.5 million in outflows. Other ETFs such as the Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR) and Fidelity Wise Origin Bitcoin Fund (FBTC) saw outflows of $20.5 million, $15.8 million and $3 million respectively.
However, not all ETFs recorded outflows. The Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) saw inflows of $7.6 million and $6.3 million respectively.
Despite the recent outflows, the total net inflows of U.S. spot BTC ETFs have exceeded $15.6 billion, primarily due to the four weeks of continuous inflows. These inflows amounted to over $4 billion in net inflows between May 13 and June 7.
Market Sentiment
This bearish trend comes as investors adopt a cautious stance ahead of the U.S. CPI data release, scheduled for June 12. The CPI for the previous month was 3.4%, as expected, which brought about a bullish market sentiment.
As a result of this cautious approach, the global crypto market capitalization has declined by 2.8% in the past 24 hours, currently standing at $2.59 trillion according to data from CoinGecko. Bitcoin has dropped to $67,600 and Ethereum (ETH) is nearing the $3,500 mark. Currently, 94 of the top 100 cryptocurrencies are in the red.
