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Home»ADOPTION NEWS»US spot Bitcoin ​ETF closes 19th consecutive day of inflows with $65 million net outflow
ADOPTION NEWS

US spot Bitcoin ​ETF closes 19th consecutive day of inflows with $65 million net outflow

By Crypto FlexsJune 11, 20243 Mins Read
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US spot Bitcoin ​ETF closes 19th consecutive day of inflows with  million net outflow
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The 11th-largest U.S. spot Bitcoin exchange-traded fund (ETF) recorded daily net outflows of $64.93 million on Monday, ending its longest streak of inflows at 19 days.

Grayscale’s GBTC leads the way in outflows this week, totaling $40 million. Other funds also recorded investor redemptions on Monday, with Invesco and Galaxy Digital’s BTCO reportedly experiencing net outflows of $20 million. data In small value. Valkyrie’s Bitcoin ETF also reported net outflows of $16 million. Fidelity’s FBTC recorded net outflows of $3 million, its first negative flow since May 2.

BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, recorded a net inflow of $6 million, and Bitwise’s BITB recorded an inflow of $8 million.

The record 19th straight day of inflows, which ended last Friday, brought net inflows of more than $4 billion. Since launching in January, 11 spot Bitcoin ​​ETFs have seen net inflows totaling $15.62 billion.

Bitcoin prices fell following the release of US non-farm payrolls and unemployment data on Friday. Conflicting outlook for the U.S. economyAccording to cryptocurrency trading firm QCP Capital, this has created uncertainty that has led investors to move away from riskier assets. Bitcoin is currently trading at $68,311. The Block’s Bitcoin price page showed it

The market is expecting the release of the U.S. Consumer Price Index (CPI), a key indicator of inflation, and the Federal Open Market Committee meeting later this week.

CME Group forecasts a 99.4% chance that the Federal Reserve will maintain the current interest rate of 5.25-5.50% instead of easing interest rates. Reuters poll Economists say the Federal Reserve is likely to cut interest rates twice this year, starting in September.

Meanwhile, U.S. ETF issuers Still waiting for feedback S-1 registration statement submitted by the Securities and Exchange Commission at the end of last month. Issuers must have a Form S-1 approved by the SEC to officially launch a spot ether fund.

Once launched, the spot ether ETF could account for up to 20% of the current flows heading to the spot bitcoin ETF, Bitfinex head of derivatives Jag Kooner said. Recently commented.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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