BlackRock’s IBIT was the only spot bitcoin ETF to see net inflows in terms of net asset value. At the time of writing, Bitcoin is trading at $63,849, marking a 3.21% decrease in the last 24 hours.
On Thursday, U.S.-based spot bitcoin exchange-traded funds saw $139.88 million in net outflows, marking the fifth consecutive day of withdrawals. According to statistics from SoSoValue, the top two funds with daily net outflows were GBTC (Grayscale) and FBTC (Fidelity), with GBTC posting $53 million and FBTC $51 million, respectively. VanEck’s ETF recorded net outflows of $4 million, while Bitwise’s BITB saw $32 million in withdrawals. Invesco and Galaxy Digital fund had net withdrawals of $2 million each.
In terms of net asset value, BlackRock’s IBIT was the only spot bitcoin ETF to experience net inflows. On Thursday, IBIT’s daily transaction volume was $565 million, with net inflows of $1 million. Other funds including Hashdex, WisdomTree, Valkyrie, Franklin Templeton, and Ark Invest had no transactions.
The overall trading volume for the ETFs dropped from $1.7 billion on Tuesday to $1.16 billion on Thursday. Since their launch in January, the eleven spot bitcoin funds had received a combined net inflow of $14.67 billion. The cryptocurrency market was closed on Wednesday due to a public holiday.
Bitcoin Price Plunges
The cryptocurrency community has been trying to understand Bitcoin’s dramatic price swings following significant market events. The German government’s aggressive sale of large quantities of Bitcoin has put strain on the market.
On June 20, Bitcoin briefly surged above $65,800 with resistance at $66,000, reaching a high of $66,387 before starting to fall again. As of the latest data from CMC, Bitcoin is currently trading at $63,849, down 3.21% in the last 24 hours.
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