Spot Bitcoin ETFs in the U.S. See Inflows for Second Day in a Row
Spot Bitcoin exchange-traded funds (ETFs) in the United States have experienced positive net inflows for the second consecutive day. On Wednesday, spot Bitcoin ETFs reported $21.52 million in net inflows, continuing a positive streak that began on Tuesday.
- Spot Bitcoin ETFs in the U.S. report $21.52 million in net inflows
- This marks the second consecutive day of positive inflows for these ETFs
Grayscale’s GBTC Sees Inflows
Grayscale’s GBTC also saw net inflows of $4 million, marking its first positive flow since June 5. Additionally, VanEck recorded $3 million worth of inflows on Wednesday.
- Grayscale’s GBTC records $4 million in net inflows
- VanEck also sees $3 million worth of inflows
Bitcoin Price Holds Above $60,000
The price of Bitcoin, which reached as low as $59,021.42 on Monday for the first time since May 3, managed to hold the key level above the $60,000 mark. At the time of writing, BTC is trading at $60,633, down by 1.5% over the past day. Over the past week, the leading cryptocurrency has fallen by nearly 11%.
- Bitcoin price holds above $60,000 despite recent volatility
- BTC currently trading at $60,633, down 1.5% in the last day
Bitcoin’s On-Chain Data and Price Movement
Last week, CryptoQuant suggested that Bitcoin’s lack of bullish momentum could cause it to slide back to the $60,000 level after breaking below the key support of $65,800. The on-chain data indicated that traders have been reducing their holdings since Bitcoin touched $70,000 in late May and have not yet resumed buying.
- CryptoQuant predicts Bitcoin may slide back to $60,000 due to lack of bullish momentum
- On-chain data shows traders reducing holdings since Bitcoin’s peak in late May
Digital Asset Products See Outflows, Potential for Ether ETFs Approval
CoinShares, a crypto-focused asset manager, revealed that crypto investment products experienced a second consecutive week of outflows. Digital asset investment products, as a whole, experienced a second consecutive week of outflows, amounting to $584 million. The pessimism among investors regarding potential interest rate cuts by the Federal Reserve is believed to be a contributing factor.
- Crypto investment products see $584 million in outflows for the week
- Pessimism around potential interest rate cuts impacts investor sentiment
SEC Progress on Spot Ethereum ETFs Approval
U.S. issuers are actively working towards launching spot ether ETFs following the soft approval received from the Securities and Exchange Commission (SEC) last month. According to a recent report from Reuters, the SEC might greenlight spot Ethereum ETFs by July 4 if discussions between investment firms and regulators are finalized. At a Bloomberg conference on June 25, SEC Chair Gary Gensler said the approval progress is “going smoothly.”
- SEC may approve spot Ethereum ETFs by July 4 pending final discussions
- SEC Chair Gary Gensler confirms smooth progress in approval process
Hot Take: Market Trends in Crypto Investments
The recent influx of net inflows into spot Bitcoin ETFs in the U.S. signifies a positive trend in crypto investments, despite price fluctuations. On the other hand, the outflows from digital asset products and the anticipation of spot Ethereum ETF approval show the dynamic nature of the crypto market. Investors should stay informed about regulatory developments and market movements to make sound investment decisions.
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