The US spot Bitcoin ETFs, including GBTC, had a notable beginning in June despite some signs of diminishing hype. These ETFs collectively purchased 25,729 BTC in the first week of the month, almost matching the total amount acquired in May. The data from HODL15Capital revealed that since their introduction in mid-January, these spot Bitcoin ETFs have garnered nearly $15.7 billion in net inflows from investors.
The figures for BTC acquisitions by these investment vehicles exhibit a fluctuating pattern. In January, they acquired 33,456 BTC, which increased to 116,561 BTC in February, but then decreased to 65,456 BTC in March. April saw an outflow of 6,074 BTC, which recovered in May with 25,729 BTC. However, the streak of inflows was broken on June 10 when $64.9 million was withdrawn from the ETFs. This significant outflow resulted in bitcoin’s price dropping from over $70,000 to under $68,000 within hours, leading to $170 million in liquidations across the market.
The 11 US-based spot ETFs manage a total of over $61 billion in assets under management. BlackRock and Fidelity are at the forefront in the US market, leading the pack. Despite this, Grayscale’s GBTC experienced $17.93 billion in net outflows during the same period, revealing the mixed outcomes faced by different players in the industry.
The spot ETFs in the US went on an impressive streak of 19 consecutive days with only inflows. However, this streak came to an end exactly a month after it started, with a notable outflow on June 10. Grayscale’s GBTC bore the brunt of this outflow, losing nearly $40 million in the process. Surprisingly, IBIT and BITB were among the few that received minor inflows amidst this turning tide.
The journey of US spot Bitcoin ETFs in June showcased the highs and lows experienced by these investment vehicles in the volatile cryptocurrency market. From remarkable inflows in the beginning of the month to a sudden downturn leading to significant outflows, the month painted a turbulent picture for investors and market participants alike. As the market continues to react to the movements of these ETFs, the future remains uncertain, emphasizing the need for caution and awareness in the ever-changing landscape of digital asset investments.
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