Spot BTC ETF suffered an outflow of $140 million, falling for five consecutive days. Grayscale's GBTC suffered a large outflow of funds, while BlackRock's IBIT ETF rose. The market trend was mixed. The price of BTC was 64,300. The recent trend was bearish, but the long-term bullish trend had potential.

Spot BTC ETF outflow analysis:

Spot BTC ETF continued to experience capital outflows, with a net outflow of $139.88 million on June 20. This was the fifth consecutive day of capital outflows. The trend began earlier this week, with $152.4 million flowing out of these funds on June 18. The market was closed on June 19 for the holiday. On Thursday, the market saw net outflows for the fifth consecutive day, with Grayscale BTC Trust (GBTC) experiencing a large outflow of $53.1 million and Fidelity Think Tank Wise Origin Bitcoin Fund (FBTC) experiencing an outflow of $51.1 million.

The market is currently looking at the upcoming US private sector PMI data on June 21 as a potential turning point. If these data indicate a strong chance of a rate cut by the Federal Reserve in September, then this could stem the outflows. However, if the US S&P Global Services PMI data is higher than the June forecast of a drop from 54.8 to 53.7, then outflows could occur for the sixth consecutive day.

BTC has fallen to $64,200, below the 50-day moving average but above the 200-day moving average, suggesting short-term weakness but long-term strength. The open interest of the contract has fallen slightly to $19 billion. A break above the 50-day moving average would see a rise to $69,000 and even a record high of 73,808. But a break below 64,000 would risk a move to the downside of 60,365. The RSI is 39.47, suggesting room to fall before reaching oversold levels. The US services data and BTC ETF flows should be closely monitored.