US spot Bitcoin ETFs record $152.42M in net outflows on Tuesday.
Total trading volume for Bitcoin ETFs reaches $1.7 billion.
Bitcoin faces potential 8-12% correction, may drop to $60,000.
The U.S. spot Bitcoin exchange-traded funds (ETFs) have seen a notable decline in investor interest, with a recorded $152.42 million in net outflows this past Tuesday. This marks a continued downtrend, being the fourth consecutive day of net outflows. The largest outflow was observed from Fidelity’s FBTC, which saw $83 million leave its coffers, significantly impacting its financial standing.
Shift in Market Dynamics
Among other notable ETFs, Grayscale’s GBTC reported substantial outflows of $62 million, while Bitwise’s BITB experienced about $7 million in net outflows. In contrast, the remaining eight ETFs in the cohort reported no significant changes in their financial activities. Despite these outflows, the 11 spot Bitcoin ETFs still hold a cumulative net inflow of $14.81 billion, albeit down from a peak of $15.69 billion on June 7.
Bitcoin ETF Tracker | 2024-06-18 Daily Total Net Inflow -$152.42M Total Value Traded $1.70B Total Net Assets $56.06B ETF Market Value Ratio 4.38% Net Inflows/Outflows for Each ETF IBIT $0 ARKB $0 BTCO $0 BTCW $0 BRRR $0 EZBC $0 HODL $0… pic.twitter.com/JQwb39dGFR
— SoSo Value (@SoSoValueCrypto) June 19, 2024
Market Response and Trading Volume
The total trading volume for these ETFs was $1.7 billion on Tuesday, showcasing a notable increase from Monday’s $1.24 billion. Concurrently, Bitcoin’s price has slightly decreased by 0.53% in the last 24 hours, trading around $65,319.
Analysts from CryptoQuant suggest that Bitcoin has broken through a crucial support level, potentially setting the stage for an 8% to 12% correction in the near term, with predictions pointing towards a possible fall to $60,000.
This market insight emphasizes the fluid and volatile nature of cryptocurrency investments and the broader financial landscape they influence.
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The post US Bitcoin ETFs Record $152M Outflow in Continued Downtrend appeared first on Crypto News Land.
