The inflow boom of US spot Bitcoin ETFs has come to an end
Recently, the strong inflow trend of US spot Bitcoin (BTC) exchange-traded funds (ETFs) for four consecutive weeks has taken a clear turn. According to the latest data disclosed by Farside Investors, on June 10, these ETFs suffered a net outflow of US$64.9 million, marking a temporary end to the previous growth momentum. Among them, the outflow of funds from Grayscale Bitcoin Trust (GBTC) accounted for the majority, reaching US$39.5 million.
In the ETF market, several other well-known Bitcoin ETFs such as Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR) and Fidelity Wise Origin Bitcoin Fund (FBTC) also experienced varying degrees of capital outflows, reaching US$20.5 million, US$15.8 million and US$3 million respectively.
However, in the context of overall capital outflows, two ETFs also bucked the trend and achieved capital inflows. Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) recorded inflows of US$7.6 million and US$6.3 million respectively.
This change in capital flows may be due to investors' cautious attitude towards the upcoming US Consumer Price Index (CPI) data. Last month's CPI data reached 3.4%, in line with expectations and brought positive market sentiment. However, before the new data was released on June 12, investors may have chosen a more conservative strategy.
Affected by this, the overall performance of the global cryptocurrency market also appeared weak. According to Coingecko data, the global cryptocurrency market value fell 2.8% in the past 24 hours and is currently stable at $2.59 trillion. The price of Bitcoin plummeted to $67,600, while Ethereum (ETH) also fell below $3,500. Currently, as many as 94 of the top 100 cryptocurrencies are in a downtrend.
This market volatility once again reminds us that the cryptocurrency market is still full of uncertainty. Although mainstream cryptocurrencies such as Bitcoin have achieved significant growth in the past few years, investors still need to remain vigilant and make cautious decisions.
An early evangelist in the currency circle, a personal top-up has established an investment research team for several years. In the face of the bull market, fans are free to share the idea of spot currency storage, rolling strategy, and 100-fold currency selection.
