Key Points
- US Bitcoin ETFs recorded $65 million in outflows on June 10, breaking the 19-day inflow streak.
- BTC is trading below $68k, ahead of important economic US data.
According to the latest reports coming from SoSoValue, Bitcoin ETFs in the US recorded $65 million in outflows yesterday, June 10, for the first time after 19 consecutive days of net inflows.
Here are the inflows and outflows that BTC ETFs in the US saw the other day:
- Grayscale’s Bitcoin ETF, GBTC, recorded $40 million in outflows.
- Fidelity’s Bitcoin ETF, FBTC, saw $3 million in outflows.
- BlackRock’s Bitcoin ETF, IBIT, saw $6 million in inflows.
- Bitwise’s Bitcoin ETF, BITB recorded $8 million in inflows.
- Invesco and Galaxy Digital’s Bitcoin ETF, BTCO saw $20 million in outflows.
- Valkyrie Digital Assets’ Bitcoin ETF, BRRR, recorded $16 million in outflows.
The other crypto products did not record any inflows or outflows on June 10. The total net asset value of the Bitcoin ETFs was $61.4 billion, according to the same data.
However, according to the latest reports, US Bitcoin ETFs acquired the equivalent of about two months’ worth of crypto mining supply in the first trading week of June.
Bitcoin trades below $68k ahead of US economic data
At the moment of writing this article, BTC is trading below $68k.
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The coin’s price dropped Friday due to conflicting US non-farm payroll data and unemployment data. This uncertainty caused investors to move away from riskier assets, notes crypto trading firm QCP Capital.
Important macro events are set to be released this week as well. Market participants are now waiting for the release of the U.S. Consumer Price Index (CPI), a key measure of inflation set for June 12, and the Federal Open Market Committee meeting expected this week on June 13.
Uncertainty in the economic space is reflected in the crypto market as well. CME Group predicts a 99.4% chance that the Fed will maintain the current interest rate of 5.25% to 5.50%.
On the other hand, a Reuters poll of economists suggests that the Fed is likely to cut rates twice this year, starting in September.
