US spot Bitcoin ETFs saw a significant shift as they experienced a net outflow of $64.93 million, marking the end of a 19-day streak of inflows. This streak, which saw total inflows of over 4 billion dollars, came to a halt on Monday.
Grayscale’s GBTC led the outflows, withdrawing $40 million, while Invesco and Galaxy Digital’s BTCO also saw net outflows of $20 million, according to SosoValue data. Valkyrie’s Bitcoin ETF reported a net outflow of $16 million, and Fidelity’s FBTC saw a net outflow of $3 million, its first negative flow since May 2.
In contrast, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, recorded net inflows of $6 million, and Bitwise’s BITB saw inflows of $8 million. Since their inception in January, 11 spot Bitcoin ETFs have recorded a combined net inflow of $15.62 billion.
Bitcoin’s price decline last Friday was attributed to mixed signals from U.S. nonfarm payrolls and unemployment data, causing uncertainty among investors and leading them to move away from riskier assets, according to crypto trading firm QCP Capital. Market participants are now awaiting the release of the US Consumer Price Index (CPI) and the Federal Open Market Committee meeting later this week.
CME Group estimates a 99.4% chance that the Federal Reserve will maintain the current interest rate, but a Reuters poll of economists suggests the Fed may cut interest rates twice this year, starting in September.
Please note that this information is not investment advice. To trade in over 300 cryptocurrencies, you can register with Binance exchange with a 20% COMMISSION DISCOUNT. Stay updated with exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.