5-Day Positive Streak in US Spot Bitcoin Exchange Traded Funds (ETFs) Ends! Here are the Details

11 US spot Bitcoin exchange-traded funds (ETFs) experienced daily net outflows totaling $13.62 million on Tuesday, returning to negative flows after five consecutive days of inflows.

Grayscale’s GBTC led the outflows with a net loss of $32.38 million, according to data from SosoValue. Bitwise’s BITB followed with a net outflow of $6.76 million.

In contrast, several funds reported positive inflows. BlackRock’s IBIT saw inflows worth $14.12 million, while Fidelity’s FBTC recorded inflows of $5.42 million.

VanEck’s Bitcoin fund reported $3.51 million in inflows, while Ark Invest and 21Shares’ ARKB saw net inflows of $2.48 million on Tuesday.

The 11 Bitcoin funds collectively recorded less than $1 billion in trading volume on Tuesday, significantly lower than the roughly $8 billion to $10 billion in daily volume observed during the peak trading period in March.

Since their inception in January, these ETFs have accumulated a combined net inflow of $14.64 billion.

The price of Bitcoin dropped by 3.51% in the last 24 hours, falling to 60,950 at the time of writing.

This decline comes despite a bullish forecast from Standard Chartered, which predicted that the leading cryptocurrency could reach an all-time high by August and potentially climb to $100,000 by the US presidential election in November.

Standard Chartered’s report also included a least likely scenario in which Bitcoin prices could drop to the $50,000 to $55,000 range if current US President Joe Biden decides not to run for re-election.

Fluctuating net flows and Bitcoin price underscore the ongoing volatility and uncertainty in the cryptocurrency market, which is influenced by both market dynamics and broader economic forecasts.

*This is not investment advice.

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