Spot Bitcoin ETFs saw a massive $226 million in outflows on Thursday, marking the third consecutive day of significant withdrawals. Fidelity’s FBTC led the way with $106 million being withdrawn, followed by Grayscale’s GBTC with $62 million and Ark Invest’s ARKB with $53 million exiting. BlackRock’s IBIT was the only ETF to see a net inflow of $18 million, while others like Valkyrie, Franklin Templeton, Hashdex, and WisdomTree remained relatively stable.
This trend follows a pattern of outflows seen at the end of April. Throughout the week, U.S.-listed Bitcoin ETFs experienced a mix of inflows and outflows, with Wednesday being the only day that saw a net inflow of $100 million. This activity coincided with a volatile week for Bitcoin and the broader cryptocurrency market, centered around key events like Wednesday’s U.S. inflation report and Federal Reserve meeting.
Despite the recent withdrawals totaling $564 million over three days, this amount is significantly lower than the $1.2 billion withdrawn in the final six days of April. The price of Bitcoin briefly spiked to $70,000 in response to lower-than-expected U.S. inflation figures before dropping back below $67,000 as traders took advantage of the price movement to secure profits.
Analysts at Bernstein predict that Bitcoin could reach $1 million by 2033, with a projected high of $200,000 by 2025. This forecast is driven by high demand from spot ETFs and limited supply of the cryptocurrency. QCP Capital also shares a positive outlook, citing factors like CPI results. The recent U.S. CPI for May remained flat, surprising economists and leading to a slight decline in year-over-year CPI growth.
Overall, the soft inflation data is viewed as favorable for Bitcoin, especially after concerns about rising inflation had previously impacted BTC prices. The market sentiment remains optimistic, with potential for Bitcoin to reach new highs in the coming years.
