US Spot Bitcoin Exchange Traded Funds (ETFs) saw an end to their five-day streak of positive momentum, with Tuesday marking a reversal to net outflows totaling $13.62 million. Leading the retreat was Grayscale’s GBTC, which reported a net loss of $32.38 million, according to data from SosoValue. Bitwise’s BITB followed suit with a net outflow of $6.76 million.
Conversely, several funds experienced inflows during the same period. BlackRock’s IBIT led with inflows amounting to $14.12 million, while Fidelity’s FBTC saw $5.42 million flowing in. VanEck’s Bitcoin fund registered $3.51 million in inflows, and Ark Invest along with 21Shares’ ARKB recorded net inflows of $2.48 million each on Tuesday.
Despite the mixed flows, the 11 Bitcoin ETFs collectively reported a trading volume of less than $1 billion on Tuesday, a notable decrease from the $8 billion to $10 billion traded daily during peak periods in March. Since their launch in January, these ETFs have accumulated a combined net inflow of $14.64 billion.
Meanwhile, Bitcoin’s price experienced a decline of 3.51% over the past 24 hours, dropping to $60,950 at the time of reporting. This downturn contrasts with a bullish outlook from Standard Chartered, predicting potential new all-time highs for Bitcoin by August, with the possibility of reaching $100,000 by the US presidential election in November. However, the report also highlights a downside scenario where prices could dip to $50,000 to $55,000 if US President Joe Biden opts not to seek re-election.
The fluctuating net flows and Bitcoin’s price movements underscore the ongoing volatility and uncertainty in the cryptocurrency market, influenced by market dynamics and broader economic forecasts.
(Note: This is not investment advice. For investing in over 300 cryptocurrencies, you can register with Binance exchange with a 20% commission discount from this link!)