Spot Bitcoin ETFs Suffer $140M Outflow, Marking Five-Day Decline

The crypto market experienced a notable shift on June 20, with spot Bitcoin ETFs witnessing a significant outflow of $140 million, marking the fifth consecutive day of losses. Grayscale’s GBTC was the hardest hit, losing $53.1 million in a single day.

In contrast, BlackRock’s IBIT ETF bucked the trend, recording an inflow of $1.48 million, which increased its total inflow to an impressive $14.67 billion. These contrasting movements highlight the diverse strategies investors are adopting in response to the volatile crypto market.

Detailed Analysis of Spot Bitcoin ETF Outflows

Spot Bitcoin ETFs continued to see money flowing out, with $139.88 million in net outflows on June 20. This marks the fifth consecutive day of outflows. The trend began earlier in the week, with $152.4 million leaving these funds on June 18. Markets were closed on June 19 for a holiday.

On Thursday, the market faced its fifth successive day of net outflows, with Grayscale Bitcoin Trust (GBTC) seeing a significant outflow of $53.1 million and Fidelity Wise Origin Bitcoin Fund (FBTC) experiencing a $51.1 million outflow.

The market is now looking to upcoming U.S. private-sector PMI data on June 21 as a potential turning point. If these numbers suggest a Federal Reserve rate cut in September is likely, it could halt the outflow streak. However, if the U.S. S&P Global Services PMI comes in higher than the forecasted drop from 54.8 to 53.7 in June, it might lead to a sixth day of outflows.

Also Read: US Lawmakers Push for ‘Humanitarian Release’ of Binance Exec in Nigeria

Current Bitcoin Price and Market Trends

Bitcoin’s price has dipped to $64,678.11, down 1.34% in the last day and 3.42% over the week. Trading volume hit $23.4 billion in 24 hours. With 20 million coins out there, Bitcoin’s market value sits at $1.2 trillion. The price is below its 50-day average but above the 200-day, hinting at short-term weakness but long-term strength. Open interest in Bitcoin contracts dropped slightly to $19 billion.

If Bitcoin breaks above its 50-day average, it could push toward $69,000 and possibly its $73,808 record high. But a fall under $64,000 might see it slide to $60,365. The RSI of 39.47 suggests more room to fall before hitting oversold levels. Investors should watch US Services data and Bitcoin ETF flows closely.

Also Read: Canada May See First Solana ETF as 3iQ Submits ETP Filing