Key Points
- Bitcoin ETFs recorded $145.8 million in outflows on June 17.
- BTC is trading above $65,000.
According to the latest data from SoSoValue, Bitcoin ETFs recorded $145.8 million in outflows on June 17.
Here are the outflows and inflows that the US crypto products saw yesterday:
- Grayscale’s Bitcoin ETF, GBTC, recorded outflows of $3 million.
- Fidelity’s Bitcoin ETF, FBTC, saw outflows of $92 million.
- Ark Invest and 21Shares’ Bitcoin ETF, ARKB, saw outflows of $50 million.
- VanEck’s Bitcoin ETF, HODL, recorded outflows of $4 million.
- Bitwise’s Bitcoin ETF, BITB, was the only crypto product that saw inflows, $3 million.
The other Bitcoin ETFs did not see any inflows or outflows the other day.
The total net assets in Bitcoin ETFs are currently $57.8 billion, according to the same data from SoSoValue.
Bitcoin is trading above $65k
At the moment of writing this article, BTC is trading above $65,000 following a price drop earlier under this mark, ahead of a quick price rebound.
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Today, Bitcoin on-chain analyst Willy Woo shared a post via his X account, saying that Bitcoin’s price will continue to “be punished” until the hash market picks up some volume.
He also said “this is why bankers used to call it drug money.”
Woo shared a graph showing Bitcoin hash ribbons.
Woo also reiterated his post from June 11 in which he was explaining that the market is undergoing a rare miner capitulation event.
He was saying that this stems from the halving event of Bitcoin which took place back on April 20, and now it’s “culling weak miners.”
Woo explained that as the miners die, they are dumping BTC, but the price of the coin will see a rebound after this.
Bitcoin will only recover after the purge of the degen open interest in futures bets, the on-chain analyst said, highlighting the fact that liquidations are a must before a new pump.
