- With $40 million in outflows this week, Grayscale’s GBTC was far and away the biggest loser.
- Valkyrie’s bitcoin ETF also recorded net outflows of $16 million.
Monday marked the end of the longest inflow run of 19 days for the 11 U.S. spot bitcoin exchange-traded funds, as a daily net outflow of $64.93 million was recorded.
With $40 million in outflows this week, Grayscale’s GBTC was far and away the biggest loser. According to statistics from SosoValue, other funds also had investor redemptions on Monday. Invesco and Galaxy Digital’s BTCO both had net withdrawals of $20 million.
Valkyrie’s bitcoin ETF also recorded net outflows of $16 million. Net withdrawals of $3 million were recorded by Fidelity’s FBTC, the first negative flow since May 2. Net inflows of $6 million were reported by BlackRock’s IBIT, the biggest spot bitcoin ETF by net assets, and $8 million by Bitwise’s BITB.
Bears in Total Control
Over $4 billion in net inflows were accrued during the record-setting 19-day inflow run. According to crypto trading company QCP Capital, investors fled riskier assets last Friday as a result of uncertainty caused by contradicting U.S. non-farm payroll statistics and unemployment data, which caused Bitcoin’s price to drop.
Analysis warned of more BTC price declines during the June 11 Asia trading session, when Bitcoin fell below $68,000. Data from CMC revealed that Bitcoin fell 3.60% in the last 24 hours, trading at $66,873 at the time of writing. Bitcoin bulls were unable to halt a decline due to insufficient liquidity in the exchange order book, as the price could not find support at the crucial $69,000 level.
Bitcoin officially rejected $69,000 as support and lost the 21-day moving average, a critical short-term trendline, with the most recent decline. Investors and traders are keenly awaiting this week’s U.S economic data, which will likely cause high volatility to the crypto market.
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