The exchange-traded fund (ETF) market saw a modest net inflow of $21 million on June 26, 2024, indicating continued investor interest in cryptocurrency investment products. Grayscale’s Bitcoin Trust (GBTC) experienced a positive inflow of $4.3 million, marking a turnaround after two weeks of consistent outflows. In contrast, BlackRock’s Bitcoin ETF (IBIT) maintained its stagnant inflow for the eighth consecutive day.
The net inflow on June 26 remains positive but relatively small. GBTC, after experiencing 13 days of outflows, saw its first inflow of $4.3 million. Meanwhile, IBIT’s inflow remained stagnant for the eighth day in a row.
King Young Ju, the CEO of CryptoQuant, addressed concerns about the recent sale of 4,000 Bitcoins by the U.S. government, stating that it is unlikely to have a significant impact on the broader market. Ju pointed out that Coinbase Prime routinely handles between 6,000 and 49,000 Bitcoins daily as part of its operations related to ETF inflows. This suggests that the market can absorb larger volumes of Bitcoin without experiencing significant disruptions.
Ju’s comments aim to alleviate fears that government sales could destabilize the market. By highlighting the daily transaction volumes during periods of high and low ETF inflows, Ju emphasizes the market’s robust liquidity, which can withstand government sales without adverse consequences. This statement seeks to counter widespread misconceptions and anxiety surrounding government actions in the crypto industry, often referred to as “FUD” (fear, uncertainty, and doubt).
