According to CryptoPotato, US spot Bitcoin Exchange-Traded Funds (ETFs), including GBTC, have shown a strong start in June despite indications of diminishing excitement. In the first week of June alone, these ETFs collectively bought 25,729 BTC. This figure is almost equivalent to the total amount of bitcoins purchased in May. Since their inception in mid-January, these spot Bitcoin ETFs have attracted nearly $15.7 billion in net inflows from investors. This total also includes the $17.93 billion in net outflows experienced by Grayscale’s GBTC during the same period.
The data reveals that these 11 ETFs collectively manage over $61 billion in total assets under management (AUM), with BlackRock and Fidelity leading in the US. The US-based spot ETFs had a remarkable streak of 19 consecutive days with only inflows. However, this record ended exactly a month after it began. Data from Farside shows that the ETFs had $64.9 million withdrawn on June 10. As expected, the biggest loser was Grayscale’s GBTC, which saw nearly $40 million taken out. IBIT and BITB were among the few that actually saw minor inflows.
Interestingly, the price of bitcoin began to fall in the past 12 hours amid the outflows from the ETFs. The asset dropped from just over $70,000 to under $68,000 in hours, resulting in $170 million in liquidations and dragging the entire market with it.
