Bitcoin News

Spot Bitcoin ETFs Saw $100M Inflow Reversal But Risks Still Looms

Spot Bitcoin ETFs recorded over $100 million inflow led by Fidelity Bitcoin ETF, but risks will continue to drag BTC price lower. Concerns over selling by options traders are mounting.
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Spot Bitcoin ETFs Saw $100M Inflow Reversal But Risks Still Looms

Highlights

  • Spot Bitcoin ETFs recorded $100.80 inflows after two consecutive outflows in last two days.
  • Fidelity Bitcoin ETF (FBTC) led the spot Bitcoin ETF buying with an inflow of $50.6 million.
  • Whales are trading BTC and not holding them as BTC saw massive volatility to the downside.

Spot Bitcoin ETFs in the U.S. witnessed over $100 million inflow on Wednesday, June 12, making a reversal from two-day consecutive outflows. It follows as both headline and monthly CPI inflation in the United States dropped and investors immediately brought a rebound in Bitcoin price, recording a broader crypto market recovery. However, the Federal Open Market Committee (FOMC) signaled a single rate cut this year after it held interest rates unchanged.

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Spot Bitcoin ETFs Record Inflow After Two Outflows

The U.S.-based spot Bitcoin exchange-traded funds (ETFs) recorded a net inflow of $100.8 million, as per Bloomberg and Farside Investors data on June 13. The reversal from two consecutive days of outflows to an inflow is critical for market sentiment as traders await key U.S. PPI inflation data on Thursday and Bank of Japan interest rate decision on Friday.

BlackRock’s iShares Bitcoin ETF (IBIT) saw $15.6 million in inflow and raised hopes of witnessing huge inflows in the next few weeks. Following the latest inflow, BlackRock’s net inflow hit over $17.6 billion and BTC holding climbed to $20.86 billion.

Fidelity Bitcoin ETF (FBTC) led the spot Bitcoin ETF buying on Wednesday, recording an inflow of $50.6 million. Followed by Bitwise Bitcoin ETF (BITB), VanEck Bitcoin ETF (HODL), and Ark 21Shares (ARKB) Bitcoin ETF with $14.5 million, $11.6 million, and $8.5 million, respectively. Other spot Bitcoin ETFs saw zero net inflows.

Grayscale Bitcoin Trust (GBTC) also recorded zero inflow after a net outflow of $237 million in the previous four days. GBTC sold 3434 BTC over the previous four trading days and 335K BTCs since launch.

Also Read: BTC ETF To Impact Price Stability In Long Run

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BTC Price To Stay Under $70,000 This Month

Wall Street giants anticipate a Fed rate cut in September despite the FOMC hinting at only one rate cut, which helped in  bringing back buying in spot Bitcoin ETFs. In addition, options traders also have room to sell BTC ahead the monthly crypto expiry on June 28. The max pain point for Bitcoin is at $55,000.

Rekt Capital said “This cycle has been a cycle filled with Re-Accumulation ranges which inevitably break to the upside over time,” hinting at buy-the-dip opportunities. Whales are not holding, but trading BTC after the price continues to move in a range.

BTC price fell again below $67,500 as traders adjusted positions based on the Fed’s dovish outlook on rate cuts. The price is currently trading at $67,559, with a 24-hour low and high of $67,028 and $69,977, respectively. Furthermore, the trading volume has increased by 18% in the last 24 hours, indicating a rise in interest among traders.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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