According to CryptoPotato, Bitcoin Exchange-Traded Funds (ETFs) in the United States have seen several consecutive days of outflows, reversing the trend from late May and early June. The outflows, worth more than $600 million, have affected the price of Bitcoin and the overall cryptocurrency market. Bitcoin's price dropped to a monthly low before recovering slightly.
Last week, it was reported that the streak of consecutive days of inflows into the ETFs, which had lasted nearly a month, ended. This occurred last Monday when all US-based ETFs experienced minor outflows worth $64.9 million. The outflows tripled the following day due to uncertainty surrounding the US Consumer Price Index (CPI) numbers and the subsequent Federal Open Market Committee (FOMC) meeting. Although the inflation data was promising, the Federal Reserve decided against cutting interest rates, resulting in inflows of just over $100 million on Wednesday. However, the trend has since changed, with the ETFs not seeing a positive day since then. In fact, more than $225 million was withdrawn on June 13, almost $190 million on Friday, $145.9 million on Monday, and just over $150 million yesterday.
Fidelity’s FBTC has been leading the outflows, with over $80 million of withdrawals for four consecutive days. This has even surpassed Grayscale’s GBTC in this negative trend. These developments have negatively impacted Bitcoin’s price movements. The asset failed to reach $70,000 on several occasions last week and dropped sharply to a monthly low of $64,000 yesterday. However, it has since rebounded and is currently over a grand above that local low. Altcoins also suffered significant losses yesterday, but most are now recovering.
It’s worth noting that June 19 (Juneteenth) is an official holiday in the US, which means that Wall Street will be closed, and the ETFs will take a breather today.