Bitcoin spot ETFs have seen a shift in investor sentiment, with outflows recorded after a streak of 19 consecutive days of inflows. According to Farside Investors, a total of 11 U.S. spot Bitcoin ETFs saw a collective net outflow of $64.9 million.
Leading the pack in outflows was the Grayscale Bitcoin Trust (GBTC) with $39.5 million, followed closely by the Invesco Galaxy Bitcoin ETF (BTCO) with $20.5 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) also experienced a minor outflow of $3 million. On the flip side, Bitwise and BlackRock’s ETFs saw modest inflows of $7.6 million and $6.3 million, respectively.
The outflows coincided with a drop in Bitcoin’s price, falling from above $70,000 to below $68,000 in the last 12 hours. This led to $170 million in liquidations and put pressure on the entire cryptocurrency market.
Despite the recent outflows, BTC spot ETFs had been seeing strong inflows in the week prior, totaling approximately $1.83 billion. This surge in demand, according to Matteo Greco of Fineqia International, marks levels not seen since early March. The cumulative net inflow since the inception of these ETFs now stands at a record high of about $15.7 billion.
The integration of Bitcoin into traditional finance continues to expand globally, with Thailand recently approving its first BTC spot ETF following Australia’s lead.
On the macroeconomic front, the Bank of Canada (BOC) and the European Central Bank (ECB) have both cut interest rates by 25 basis points. Despite inflation levels exceeding the 2% target, these rate cuts signal optimism in managing inflation while implementing less restrictive monetary policies.
The U.S. Bureau of Labor Statistics is set to release May figures for its Consumer Price Index (CPI) on June 11, with analysts forecasting a rise of 0.1%. The Federal Open Market Committee (FOMC) meeting will also determine the Fed’s monetary policy moving forward.
