The State of U.S. Spot Bitcoin ETFs in June
As a crypto investor, it’s essential to stay updated on the latest trends in the market, including the performance of ETFs related to Bitcoin. Here’s a breakdown of the recent activities in U.S. spot Bitcoin ETFs:
Net Outflows and Inflows
- On June 10, U.S. spot Bitcoin ETFs experienced net outflows of $65 million, ending a 19-day streak of inflows.
- Grayscale’s GBTC ETF saw net outflows of almost $40 million, with outflows exceeding $113 million across three consecutive days.
- BlackRock’s IBIT ETF also witnessed a decline, with inflows dropping to $6.3 million on June 10.
Specific ETF Performances
- Invesco and Galaxy Digital’s BTCO ETF and Valkyrie Digital Assets’ BRRR ETF experienced outflows of $20.5 million and $15.8 million, respectively, on June 10.
Market Impact
- These outflows come after a period of significant inflows in the ETF market, indicating a shift in investor sentiment.
- Bitcoin’s price dipped by over 3%, likely influenced by factors like the upcoming FOMC meeting and CPI report.
- Derivatives traders saw over $50 million in liquidations, with long positions accounting for a significant portion.
Hot Take: Navigating the ETF Landscape
Understanding the movement of Bitcoin-related ETFs can provide valuable insights into market trends and investor behavior. Stay informed to make informed decisions in your crypto investments.
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