Key Points
- Bitcoin ETFs, GBTC, FBTC, and BITB, recorded $152 million in outflows yesterday.
- Bitcoin is trading above $65,000.
According to the latest reports coming from SoSoValue, Bitcoin ETFs recorded $152 million in outflows on June 18. This marks the fourth consecutive day in which the crypto products recorded outflows in the US.
Here are the total net outflows seen yesterday by Bitcoin ETFs:
- Grayscale’s Bitcoin ETF, GBTC, recorded $62 million in outflows.
- Fidelity’s Bitcoin ETF, FBTC, saw $83 million in outflows.
- Btiwise’s Bitcoin ETF, BITB, recorded $7 million in outflows.
The other Bitcoin ETFs did not record any inflows or outflows the other day.
The total net assets in Bitcoin ETFs are currently $56 billion, according to the same data from SoSoValue.
Regarding the US crypto ETFs, the other day, we reported that Hashdex has just filed for a dual Bitcoin and Ethereum ETF recently with Coinbase and BitGo as custodians.
Bloomberg’s analyst James Seyffart, noted in a post on X that the ETF will be market cap weighted and this should not be a surprise to anyone, as it makes a lot of sense.
He also noted that the final deadline for SEC approval should be sometime around the first week of March 2025. Nasdaq posted the proposal via Form 19b-4 yesterday, June 18, for the Hashdex Nasdaq Crypto Index US ETF.
Bitcoin is trading above $65,000
At the moment of writing this article, BTC is trading above $65,000.
- Zoom
- Type
Regarding the price of the coin, Bitcoin on-chain analyst Willy Woo addressed the reason for which we haven’t seen a surge in price yet.
He mentioned a rare miner capitulation event, and yesterday, he reiterated his belief that Bitcoin’s price will continue to “be punished” until the hash market picks up some volume.
Today, he shared another post via X, revealing a view of just how many paper bets on Bitcoin there are currently.
Woo explained that the solid yellow chart is a z-score oscillator looking at how significant it is locally.
He also said that we still need a solid amount of liquidations to take place before we can see more bullish activity in the market.
He continued and said that BTC is not going to break new ATHs until more pain and boredom plays out. On the bright side, according to him, miners are capitulating and when that is finished, it ends in a huge rally.
