With $40 million in outflows this week, Grayscale’s GBTC was the biggest loser by far. Valkyrie’s bitcoin ETF also experienced net outflows of $16 million. Monday marked the end of the longest inflow streak of 19 days for the 11 U.S. spot bitcoin exchange-traded funds, as a daily net outflow of $64.93 million was recorded.
According to data from SosoValue, Grayscale’s GBTC saw $40 million in outflows this week, making it the clear leader in investor redemptions. Invesco and Galaxy Digital’s BTCO also experienced net withdrawals of $20 million each. Valkyrie’s bitcoin ETF saw net outflows of $16 million. Fidelity’s FBTC recorded net withdrawals of $3 million, its first negative flow since May 2. On the other hand, BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, reported net inflows of $6 million, while Bitwise’s BITB saw $8 million in net inflows.
During the 19-day inflow streak, over $4 billion in net inflows were recorded. However, last Friday, investors shifted away from riskier assets due to uncertainty surrounding U.S. non-farm payroll statistics and unemployment data, leading to a drop in Bitcoin’s price. Analysts are predicting further declines in BTC price, especially after it fell below $68,000 during the June 11 Asia trading session. As of the time of writing, Bitcoin was trading at $66,873, down 3.60% in the last 24 hours. The rejection of $69,000 as support and the loss of the 21-day moving average indicate a bearish trend. Investors and traders are closely monitoring this week’s U.S. economic data for potential impact on the crypto market.
