Bitcoin Spot ETFs Experience $140 Million Outflow, Marking a Five-Day Decline
The crypto market experienced a notable change on June 20; spot Bitcoin ETFs witnessed a significant outflow of $140 million for the fifth consecutive day of losses. Grayscale’s GBTC was hit the hardest, losing $53.1 million in a single day.
In comparison, BlackRock’s IBIT ETF bucked the trend by recording an inflow of $1.48 million, bringing its total flow to an impressive $14.67 billion. These contrasting movements highlight the variety of strategies investors are adopting in response to the volatile crypto market.
Detailed Analysis of Spot Bitcoin ETF Outflows
Spot Bitcoin ETFs continued to see outflows, with a net outflow of $139.88 million on June 20. This marks the fifth consecutive day of outflows. This trend started at the beginning of the week, and on June 18, $152.4 million was allocated from these funds. Markets were closed on June 19 for a holiday.
On Thursday, the market faced a fifth straight day of net outflow; Grayscale Bitcoin Trust (GBTC) saw a significant outflow of $53.1 million, while Fidelity Wise Origin Bitcoin Fund (FBTC) experienced an outflow of $51.1 million.
The market now sees the US private sector PMI data due on June 21 as a potential turning point. If these figures indicate that the Fed may cut interest rates in September, this could stop the streak. However, if the US S&P Global Services PMI comes in above the forecast, which dropped from 54.8 in June to 53.7, this could lead to outflows on the sixth day.
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Current Bitcoin Price and Market Trends
Bitcoin’s price fell 1.34% over the last day and 3.42% over the week to $64,678.11. Transaction volume reached 23.4 billion dollars in 24 hours. With 20 million coins in the market, Bitcoin’s market cap stands at $1.2 trillion. The price is below the 50-day average but above the 200-day average, indicating short-term weakness but long-term strength. Open interest in Bitcoin contracts decreased slightly to $19 billion.
If Bitcoin breaks above the 50-day average, it could move towards $69,000 and possibly the record high of $73,808. However, a decline below $64,000 could cause the price to drop to $60,365. The RSI of 39.47 indicates more room for decline before reaching oversold levels. Investors should closely monitor US Services data and Bitcoin ETF flows.
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