The US spot bitcoin exchange-traded funds (ETFs) recorded a significant $152.42 million in net outflows on Tuesday, marking the fourth consecutive day of daily net outflows. This negative trend comes as the crypto market continues to navigate turbulent waters.
Fidelity’s FBTC Sees Largest Outflows
Among the 11 spot bitcoin ETFs, Fidelity’s FBTC had the largest outflows, with a net outflow of $83 million. Grayscale’s GBTC reported a net outflow of $62 million, while Bitwise’s BITB saw about $7 million in net outflows. The remaining eight ETFs recorded zero flows on Tuesday.
Cumulative Net Inflows Down from Peak
The 11 spot bitcoin ETFs had cumulative net inflows of $14.81 billion as of Tuesday, down from their peak of $15.69 billion on June 7. The products had recorded a 19-day streak of inflows until June 7.
Trading Volume Increases
The total trading volume for the ETFs amounted to $1.7 billion on Tuesday, compared to Monday’s $1.24 billion, indicating increased activity in the market.
Potential Price Correction Ahead
CryptoQuant analysts have said in a Tuesday report that bitcoin has fallen through a key price support level, which could signal an 8% to 12% correction, potentially leading the price to decline toward $60,000. The price of bitcoin edged down 0.35% over the past 24 hours to change hands at around $65,498 at the time of publication.
In conclusion, the US spot bitcoin ETFs have experienced a negative trend, with significant net outflows over the past four days. This could be a sign of broader market uncertainty, and investors should closely monitor the situation as the crypto market navigates the potential for a price correction.
