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U.S. Spot Bitcoin ETFs Experience Net Outflows
On June 10, U.S. spot Bitcoin ETFs saw net outflows of $65 million, marking the end of a 19-day streak of inflows. According to data from Farside Investors, the last day to observe net outflows across all U.S. spot Bitcoin ETFs was May 10, when investors withdrew $84.7 million from the investment products.
Grayscale’s GBTC ETF experienced net outflows of nearly $40 million on June 10, with outflows now surpassing $113 million over three consecutive days. Similarly, BlackRock’s IBIT ETF witnessed a significant decline, with inflows decreasing to just $6.3 million on June 10, compared to $168.3 million on June 7.
Additionally, Invesco and Galaxy Digital’s BTCO ETF, along with Valkyrie Digital Assets’ BRRR ETF, saw outflows of $20.5 million and $15.8 million, respectively, on June 10. These outflows contrast the strong inflows seen the previous week, where BlackRock’s IBIT ETF and Fidelity’s FBTC received over $1.6 billion in total inflows, ranking them among the top 10 ETFs.
Market Response to Bitcoin’s Price Movement
The outflows coincide with Bitcoin’s price decline of over 3% ahead of the upcoming FOMC meeting and CPI report. The leading cryptocurrency dropped by 3.6% in the last 24 hours, reaching lows of $66,791, as reported by CoinGecko. Subsequently, Bitcoin has slightly recovered to just under $67,000.
Bitcoin derivatives traders experienced liquidations exceeding $50 million in the past day, with long positions accounting for $44.34 million of the total, according to data from Coinglass.
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