BTC Spot ETFs Experience Large Outflow After 19 Consecutive Days of Inflows
In recent times, Bitcoin ($BTC) spot ETFs have been seeing substantial inflows. However, according to SpotOnChain, a leading on-chain data provider, there was a significant outflow of $64.9318 million recently. This occurred following a streak of 19 days of consecutive inflows. SpotOnChain took to social media to share details about the different exchange-traded funds.
On June 10, 2024, there was a net outflow of $65 million in BTC spot ETFs, marking a shift from positive to negative after 19 days of positive inflows. The BlackRock IBIT ETF saw a drastic decrease in inflows from $168 million to only $6.3 million in a single day. Grayscale’s GBTC ETF, on the other hand, continued to experience outflows.
According to SpotOnChain’s data, Grayscale’s GBTC ETF witnessed an outflow of $39.5366 million, making it the highest among the ETFs in terms of outflows. This raised concerns among market observers. Meanwhile, Bitwise’s BITB ETF recorded inflows of $7.5910 million.
The outflows had a significant impact on BlackRock’s IBIT ETF as well. SpotOnChain highlighted the dramatic drop in IBIT’s single-day inflow, which plummeted to $6.3 million from $168 million. As a result of these developments, the market prices of the Grayscale, BlackRock, and Bitwise ETFs stood at $61.73, $39.59, and $37.87 respectively.
Tags: BTC, ETF.