On June 20, the crypto market saw a significant shift as spot Bitcoin ETFs faced an outflow of $140 million, marking the fifth consecutive day of declines. Grayscale's GBTC was particularly hard hit, losing $53.1 million in just one day. In contrast, BlackRock's IBIT ETF recorded gains, reflecting varied investor strategies.
Detailed Analysis of Spot Bitcoin ETF Outflows
The trend of money flowing out of spot Bitcoin ETFs continued with $139.88 million in net outflows on June 20. This marked the fifth straight day of outflows, beginning earlier in the week with $152.4 million exiting these funds on June 18. The markets were closed on June 19 for a holiday, but the outflow trend persisted.
On the fifth consecutive day of net outflows, Grayscale Bitcoin Trust (GBTC) saw a significant $53.1 million outflow, while Fidelity Wise Origin Bitcoin Fund (FBTC) experienced a $51.1 million outflow. The market is now turning its attention to upcoming U.S. private-sector PMI data on June 21, which could potentially serve as a turning point. If the data suggests a Federal Reserve rate cut in September, it might halt the outflow streak. However, if the U.S. S&P Global Services PMI exceeds the forecasted drop from 54.8 to 53.7 in June, it could lead to a sixth day of outflows.
Current Bitcoin Price and Market Trends
Bitcoin’s price has dipped to $64,678.11, down 1.34% in the last day and 3.42% over the week. The trading volume hit $23.4 billion in 24 hours, with 20 million coins circulating, bringing Bitcoin’s market value to $1.2 trillion. The price is currently below its 50-day moving average but remains above the 200-day average, indicating short-term weakness but potential long-term strength. Open interest in Bitcoin contracts has slightly decreased to $19 billion.
If Bitcoin manages to break above its 50-day average, it could push towards $69,000 and possibly reach its all-time high of $73,808. Conversely, a fall below $64,000 could see it slide to $60,365. The RSI of 39.47 indicates there is still room for a further decline before hitting oversold levels. Investors are advised to closely monitor U.S. Services data and Bitcoin ETF flows in the coming days.
In summary, while spot Bitcoin ETFs are experiencing significant outflows, the diverse reactions of different funds and the overall market trends suggest a complex landscape for investors to navigate. The upcoming economic data will be crucial in determining the next moves in the crypto market.
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