Spot BTC ETFs offered in the US finally witnessed net inflows on 25 June after a seven-trading-day period of consecutive outflows. They attracted about million, according to SoSo Value. Before the reversal, the ETFs saw over .1 billion in outflows on trading days between 13 and 24 June. It is the highest amount accrued by constant outflows since .2 billion was flushed out of BTC ETFs between 24 April and the early days of May. Despite the inflows, BlackRock, Invesco Galaxy, Valkyrie, and Franklin Templeton attracted no inflows that day. BlackRock, managing the largest BTC ETF in the US, could not get funds flowing in meaningfully, showing decreased interest in BTC as its price continues to drop. It fluctuated below ,000 at press time. ETFs offered by other asset managers like
Topics:
Suraj Manohar considers the following as important: crypto etf, News
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
Spot BTC ETFs offered in the US finally witnessed net inflows on 25 June after a seven-trading-day period of consecutive outflows. They attracted about $31 million, according to SoSo Value. Before the reversal, the ETFs saw over $1.1 billion in outflows on trading days between 13 and 24 June. It is the highest amount accrued by constant outflows since $1.2 billion was flushed out of BTC ETFs between 24 April and the early days of May.
Despite the inflows, BlackRock, Invesco Galaxy, Valkyrie, and Franklin Templeton attracted no inflows that day. BlackRock, managing the largest BTC ETF in the US, could not get funds flowing in meaningfully, showing decreased interest in BTC as its price continues to drop. It fluctuated below $61,000 at press time.
ETFs offered by other asset managers like Grayscale and ARK 21Shares reported net outflows. The former recorded $30.3 million, and the latter experienced $6 million leaving their funds. Nevertheless, VanEck’s ETF attracted $4 million in net inflows, Bitwise pulled in $15 million, and Fidelity recorded $49 million.
While the reversal comes as good news after consecutive days of net outflows, it may not indicate an outright turn toward continuous net inflow. BTC’s price still experiences downward pressure. Just this week, it dropped to below $60,000. Unsurprisingly, many holders and traders are liquidating their positions and walking away with the profits they have made thus far. Many leveraged trades were also forced to observe liquidation as BTC dipped below $60,000.
Moreover, large selling activity continuing from weeks ago applies pressure on BTC’s efforts to break upward. Miners have been liquidating their stocked BTC after the halving to make up for the reduction in their rewards. Whales have also been selling their massive holdings to realize profits. The German government, too, joined the action and began liquidating millions of dollars of BTC acquired in a bust over a decade ago.
Such selling activity combined with macroeconomic factors, like a strong dollar performance and investors moving to less risky assets due to no reductions in the interest rate, give BTC a hard time.
Image by Markus Winkler from Pixabay