BTC Spot ETFs See Massive Outflow After 19 Days of Inflows
Spot ETFs for Bitcoin ($BTC) have recently been attracting significant investments, but according to SpotOnChain, a leading on-chain data provider, there was a substantial outflow of $64.9318 million on the previous day. This came after 19 consecutive days of inflows. The platform took to X social media to share details about the specific exchange-traded funds.
On June 10, 2024, the net inflow for BTC spot ETFs turned negative, with a total outflow of $65 million. This marked a significant shift from the positive trend that had been observed for nearly three weeks. One of the major ETFs, BlackRock’s IBIT, saw its single-day inflow plummet from $168 million to just $6.3 million.
Grayscale’s GBTC ETF also experienced a substantial outflow of $39.5366 million, making it the leader in terms of outflows among all ETFs. In contrast, Bitwise’s BITB ETF recorded inflows of $7.5910 million during the same period.
The outflows had a significant impact on BlackRock’s IBIT ETF as well. SpotOnChain highlighted the dramatic drop in its single-day inflow, which had a direct impact on its market price. Following these developments, the market prices for Grayscale, BlackRock, and Bitwise ETFs stood at $61.73, $39.59, and $37.87 respectively.
Tags: BTC, ETF