BTC Spot ETFs Experience Significant Outflow After 19 Days of Inflows
Spot ETFs for Bitcoin ($BTC) have been seeing a surge in inflows in recent weeks. However, data from SpotOnChain, a leading on-chain statistics provider, reveals a massive outflow of $64.9318 million on June 10th, following 19 consecutive days of inflows.
In a tweet on X, SpotOnChain shared details about the individual ETFs:
$BTC
#ETF
Net Inflow June 10, 2024: -$65M!
• Net inflow turns negative after 19 consecutive days of positivity.
• Single-day inflow for #BlackRock (IBIT) drops from $168M to $6.3M.
• #Grayscale (GBTC) continues to experience outflows…
pic.twitter.com/nZcO8CbkTV
— Spot On Chain (@spotonchain)
June 11, 2024
Grayscale ETF (GBTC) saw a significant outflow of $39.5366 million, making it stand out among other ETFs in terms of outflows. On the other hand, Bitwise’s ETF ‘BITB’ recorded inflows of $7.5910 million.
The outflows also impacted BlackRock’s ETF ‘IBIT’, with its single-day inflow dropping dramatically to $6.3 million from $168 million. This led to market prices of $61.73 for Grayscale ETF, $39.59 for BlackRock ETF, and $37.87 for Bitwise ETF.
The sudden shift from inflows to outflows has caught the attention of market observers, highlighting the volatility of the cryptocurrency market.