The outflow of $140 million from bitcoin spot ETFs on June 20th signified a five-day decline. BlackRock’s IBIT ETF saw gains, while Grayscale’s GBTC experienced losses.
On June 20, the crypto market underwent a significant change, as Bitcoin spot ETFs experienced a $140 million outflow, the fifth consecutive day of losses. Grayscale’s GBTC was the most severely affected, experiencing a loss of $53.1 million in a single day. Contrary to the prevailing trend, BlackRock’s IBIT ETF experienced an inflow of $1.48 million, bringing its total inflow to an impressive $14.67 billion. The diverse strategies investors employ in response to the volatile crypto market are underscored by these contrasting movements.
Comprehensive Examination of Bitcoin Spot ETF Outflows
On June 20, there was a net outflow of $139.88 million in bitcoin spot ETFs. This is the fifth day in a row that outflows have occurred. The trend commenced earlier in the week, with $152.4 million departing these funds on June 18. On June 19, markets were closed in observance of a holiday.
Grayscale Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) experienced $53.1 million and $51.1 million outflows on Thursday, marking the fifth consecutive day of net outflows in the market.
The market is anticipating the forthcoming U.S. private-sector PMI data on June 21 as a potential turning point. The outflow trend could be halted if these figures indicate a probable Federal Reserve rate cut in September. Nevertheless, a sixth day of outflows could result if the U.S. S&P Global Services PMI exceeds the anticipated decrease from 54.8 to 53.7 in June.
Present Bitcoin Price and Market Trends
The price of Bitcoin dropped to $64,678.11, a 1.34% decrease in the past day and a 3.42% decrease over the past week. $23.4 billion was traded within 24 hours. Bitcoin’s market value is $1.2 trillion, with 20 million coins circulating. This indicates that the price is below its 50-day average but above the 200-day average, suggesting that it may be feeble in the short term but firm in the long term. The open interest in Bitcoin contracts has decreased marginally to $19 billion.
Bitcoin may advance toward $69,000, potentially reaching a $73,808 record high if it surpasses its 50-day average. However, it may decrease to $60,365 if it falls below $64,000. The RSI of 39.47 indicates additional space for decline before the market reaches oversold levels. Investors should attentively monitor the flows of Bitcoin ETF and U.S. Services data.
