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Homeweb3.0Bitcoin Spot ETF Net Inflow June 21, 2024: -$106M!

The net inflow has been negative for the entire trading week (total outflow: $545M). #Grayscale (GBTC) experienced an outflow of $34.2M

Bitcoin Spot ETF Net Inflow June 21, 2024: -6M!

The U.S. spot Bitcoin ETF is seeing a wave of outflows, with a total of $106 million being withdrawn in a single day, according to data from Spotonchain. This brings the total outflows for the week to nearly $545 million.

The outflows come as institutional investors are rotating out of crypto amid broader market sell-offs. Retail investors are also pulling back from the market, with a recent survey from Deutsche Bank (DB) showing that only 12% of retail investors are planning to buy crypto in the next six months.

To give an idea of the pain being felt at the individual fund level, the most heavily impacted saw $44.8 million of outflows just in a day from Fidelity's FBTC, with substantial outflows from Grayscale's GBTC and Ark Invest's ARKB, indicating widespread nervousness in the sector.

However, Franklin Bitcoin ETF (EZBC) managed to buck the trend somewhat by recording a small inflow of $1.9 million despite the heavy selling, so it seems not all areas of the ETF landscape have fallen from grace.

These developments are being closely observed by investors as well as the market spectators, concerned about the dwindling value of assets managed by spot Bitcoin ETFs which have dropped to a cumulative $55.547 billion.

The net inflows now stand at only $14.56 billion after 112 trading days, signaling that traders might be taking a cautious or bearish view of things with the ongoing net redemptions from Bitcoin ETFs that might be indicating the level of maturity, stability and long term track records necessary for cryptocurrency to be accepted in a larger context as part of the traditional financial system.

News source:https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-spot-etf-net-inflow-june-m.html

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