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Summary

A net outflow of $152.42 million from U.S. spot Bitcoin exchange-traded funds occurred on Tuesday, causing a significant pause in the market as no spot Bitcoin ETF had inflows that day.

Introduction

On Tuesday, June 18, the spot Bitcoin ETF market experienced no inflows, a first since its inception in January 2024. Fidelity’s FBTC had the highest outflow, totaling $83 million, contributing to the ongoing struggle in the market.

Main Points

SosoValue data revealed that out of the 11 ETFs, Fidelity’s FBTC had the most significant outflow, with Bitwise’s BITB and Grayscale’s GBTC also experiencing net outflows. The total net inflows for the eleven spot Bitcoin ETFs decreased to $14.81 billion as of Tuesday, with BlackRock and Fidelity holding a dominant market share.

Despite recent outflows, ETF trading volume increased on Tuesday, with Bitcoin’s price striving to stay above $65,000 amidst selling pressure. Spot Bitcoin ETFs in Australia have seen minor capital inflows since their recent introduction.

Conclusion

An 8% to 12% price correction in Bitcoin was predicted following a research report indicating a potential drop to near $60,000. The market remains volatile, with various factors influencing Bitcoin’s value, including recent outflows and trading volume fluctuations.

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