The *BTC* ETF market recorded a net inflow of $21 million on June 26, 2024, highlighting continued investor interest in cryptocurrency investment products. Grayscale’s Bitcoin Trust (GBTC) experienced its first positive inflow of $4.3 million following a two-week period of consistent outflows. Conversely, BlackRock’s Bitcoin ETF (IBIT) has seen no change in its inflows, remaining stagnant for the eighth consecutive day.
🚨 $BTC #ETF Net Inflow June 26, 2024: +$21M!• The net inflow remains positive but small.• #Grayscale (GBTC) saw the first inflow of $4.3M after 13 days of outflows.• The single-day flow of #BlackRock (IBIT) continued to be stagnant for the 8th day.Follow @spotonchain… pic.twitter.com/9zCAONjbAx
— Spot On Chain (@spotonchain) June 27, 2024
Government Sales and Market Impact
King Young Ju, CEO of CryptoQuant, addressed concerns regarding the U.S. government’s recent sale of 4,000 Bitcoins, suggesting it unlikely to affect the broader market significantly. According to Ju, Coinbase Prime frequently handles between 6,000 and 49,000 Bitcoins daily as part of its operations related to ETF inflows, indicating that the market can absorb larger volumes without substantial disruption.
US gov't sold 4K #Bitcoin today, but less likely to impact the market.Coinbase Prime handled 20-49K BTC in sell-side liquidity daily during high spot ETF inflows and 6-15K daily during low spot ETF inflows.Posting this because I'm tired of "gov't selling" FUDs. pic.twitter.com/4IrO1aBGO6
— Ki Young Ju (@ki_young_ju) June 26, 2024
Ju’s comments respond to prevailing fears that government sales could destabilise the market. He emphasises that the daily transaction volumes during periods of both high and low ETF inflows suggest robust market liquidity capable of withstanding such sales without adverse repercussions. This statement aims to mitigate widespread misconceptions and anxiety surrounding government actions in crypto, often called ‘FUD’ (fear, uncertainty, and doubt).