Bitcoin ETF Inflow Streak Ends After 19 Days, but June’s Opening Week Rivaled May’s Total

The NFT Unicorn photo_2024-01-11_10-38-57 Bitcoin ETF Inflow Streak Ends After 19 Days, but June’s Opening Week Rivaled May’s Total Crypto News

Despite hints of waning hype, the US spot Bitcoin ETFs, including GBTC, had a strong start to June. During the first week alone, these ETFs collectively purchased 25,729 BTC.

Data also shows that in January, these ETFs acquired 33,456 BTC, followed by 116,561 BTC in February and 65,456 in March. April, on the other hand, saw an outflow of 6,074 BTC. The figure subsequently recovered in May when it recorded 25,729 BTC.

Interestingly, the amount of bitcoins purchased by these investment vehicles in the first week of June was recorded to be almost as much as the entire month of May, as per the data shared by HODL15Capital.

Since their launch in mid-January, these spot Bitcoin ETFs have attracted a total of almost $15.7 billion in net inflows from investors. This figure also includes the $17.93 billion in net outflows experienced by Grayscale’s GBTC during the same period.

These 11 ETFs collectively manage more than $61 billion in total assets under management (AUM) with BlackRock and Fidelity in the lead in the US.

Moreover, the US-based spot ETFs were on a spectacular streak of 19 consecutive days, with only inflows. However, that record came to an end exactly a month after it started.

Farside data shows that the ETFs had $64.9 million taken out on June 10. As expected, the biggest loser was Grayscale’s GBTC, which saw nearly $40 million taken out. IBIT and BITB were among the few that actually saw minor inflows.

Interestingly, bitcoin’s price started to tumble in the past 12 hours amid the outflows from the ETFs. The asset went from just over $70,000 to under $68,000 in hours, leaving $170 million in liquidations and dragging the entire market with it.

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Source: CryptoPotato