Key Points
- US spot Bitcoin ETFs experienced a net outflow of $64.93 million on Monday, ending a 19-day inflow streak.
- Grayscale’s GBTC saw the highest outflow, while BlackRock’s IBIT and Bitwise’s BITB recorded inflows.
The 11 US spot Bitcoin exchange-traded funds (ETFs) saw a daily net outflow of $64.93 million on Monday, breaking a 19-day period of net inflows.
ETF Outflows and Inflows
Grayscale’s GBTC led the outflows with $40 million, while other funds like Invesco and Galaxy Digital’s BTCO also experienced net outflows of $20 million. Data from SosoValue also revealed that Valkyrie’s bitcoin ETF and Fidelity’s FBTC had net outflows of $16 million and $3 million respectively.
Meanwhile, BlackRock’s IBIT, the largest spot bitcoin ETF in terms of net assets, saw net inflows of $6 million. Bitwise’s BITB also recorded $8 million of inflows.
Bitcoin Price and Market Anticipation
The price of Bitcoin dipped last Friday following conflicting US non-farm payroll data and unemployment data. This uncertainty caused investors to move away from riskier assets, according to crypto trading firm QCP Capital.
Market participants are now waiting for the release of the U.S. Consumer Price Index (CPI), a key measure of inflation, and the Federal Open Market Committee meeting expected this week.
The CME Group predicts a 99.4% chance that the Fed will maintain the current interest rate of 5.25% to 5.50%. However, a Reuters poll of economists suggests that the Fed is likely to cut rates twice this year, starting in September.
Spot Ether ETFs Launch
US ETF issuers are awaiting feedback from the Securities and Exchange Commission on their S-1 registration statements, submitted last month. Approval of these forms by the SEC is necessary for the official launch of their spot Ethereum funds.
According to Bitfinex’s head of derivatives, Jag Kooner, the launch of spot ether ETFs could capture up to 20% of the current flows directed towards spot bitcoin ETFs.
