Flows into US-based bitcoin exchange-traded funds (ETFs) have stalled after four weeks.
On June 10, BTC spot ETFs in the United States recorded net outflows of $64.9 million, ending their four-week run of gains. The majority of the outflow came from the Grayscale Bitcoin Trust (GBTC), which recorded an outflow of $39.5 million.
At the same time, the Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) alone saw inflows of $7.6 million and $6.3 million, respectively.
Other funds that have experienced outflows include Invesco Galaxy (BTCO), Valkyrie (BRRR) and Fidelity Wise Origin (FBTC). They lost US$20.5 million, US$15.8 million and US$3 million respectively.
With four weeks of consistent inflows, US spot BTC ETF net inflows topped $15.6 billion. Net inflows for the period from May 13 to June 7 amounted to more than $4 billion.
Bearish sentiment prevails in the market due to the cautious approach of investors ahead of the publication of data on the US consumer price index, which is scheduled for June 12. Last month, the consumer price index came in at 3.4%, as expected, fueling bullish sentiment throughout the market.
The global cryptocurrency market capitalization has decreased by 2.8% over the past 24 hours and hovers at $2.59 trillion. Bitcoin fell to $67,600 and Ethereum (ETH) closed at $3,500. Currently, 94 of the top 100 cryptocurrencies are in the red zone.
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