US Spot Bitcoin ETFs reverse 19-day inflow streak with $65M outflows

The US Spot Bitcoin ETF had an inflow streak of 19 days before it came to an end this Monday. That is when the market saw an outflow of $64.93 million. Nevertheless, the streak was the longest since the approval of Bitcoin ETFs and has showcased its capabilities. The eleven ETFs collectively experienced net outflows of nearly $65 million; however, this does not inherently indicate that each platform recorded an outflow.

GBTC by Grayscale recorded a maximum outflow of $40 million. It is way above the half mark, leading the way for others who recorded outflows. BTCO by Galaxy Digital and Invesco followed the trend with an outflow of $20 million. The Bitcoin ETF by Valkyrie and FBTC by Fidelity saw a net outflow of $16 million and $3 million, respectively.

It was the first outflow for Fidelity since May 02, 2024.

Two ETFs went against the trend to record an inflow: IBIT by BlackRock and BITB by Bitwise. Their net inflows were $6 million and $8 million, applicable in the same order. Friday was the last day of the streak. The ETF market saw a net inflow of $15.62 million for all 11 spot Bitcoin ETFs 

These trends come at a time when Bitcoin ($BTC) is experiencing a slight increase in volatility and uncertainty. This sentiment stems from a conflicting outlook on the US economy—about non-farm payroll and unemployment data. Investors are looking for ways to get rid of assets that are risky. In other words, their risk appetite has dropped, and they are unwilling to allocate a larger portion of their funds to risky digital assets.

The value of BTC demonstrates its implications. It has plummeted by 2.48% in the last 24 hours, taking the listed value down to $67,649.48 at the time of writing this article. It did briefly trade above $70,000 in recent times but has navigated its way back to a lower value. The phase was earlier termed as a perfect segment for the future rebound. Interestingly, that is still on the table, with near-term predictions depicting a bull run.

The next 5 days and 30 days could see the value jump as high as $77,358 and $87,952 in the same order. If the monthly surge were to occur within the timeline, it would reflect a rise of 29.35%. Prevailing sentiments are neutral, and volatility is around 3.76%. Bitcoin is still expected to be stable for a couple of days. It would lose that sentiment if the resistance level of $65,000 went down the drain.

Bitcoin must exceed $70,000 within the next few days. The predicted values will only be achieved within the anticipated time frame at that point.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 65,097.44
ethereum
Ethereum (ETH) $ 3,526.21
tether
Tether (USDT) $ 0.999656
bnb
BNB (BNB) $ 596.91
solana
Solana (SOL) $ 138.05
xrp
XRP (XRP) $ 0.492127
dogecoin
Dogecoin (DOGE) $ 0.124679
cardano
Cardano (ADA) $ 0.38794