Key Points
- Bitcoin ETFs saw $106 million in outflows on June 21.
- Bitcoin is trading above $64,000.
According to the latest reports from SoSoValue, Bitcoin ETFs recorded $106 million in outflows on June 21. This was the sixth consecutive day in which the crypto products in the US recorded outflows.
Here are the outflows and inflows in Bitcoin ETF from yesterday, as per official data:
- Grayscale’s Bitcoin ETF, GBTC, recorded $34 million in outflows.
- Fidelity’s Bitcoin ETF, FBTC, recorded $45 million in outflows.
- Ark Invest and 21Shares’ Bitcoin ETF, ARKB, recorded $29 million in outflows.
- Franklin Templeton’s Bitcoin ETF, EZBC, recorded $2 million in inflows.
BlackRock’s Bitcoin ETF, IBIT, and the other BTC ETFs did not see any inflows or outflows yesterday.
The total net assets in Bitcoin ETFs are $55.5 billion.
Since their launch in January, the 11 spot Bitcoin funds have collectively seen a total net inflow of $14.56 billion as of Friday, according to the same data.
According to the latest reports coming from Bernstein analysts, Bitcoin ETFs are close to being approved at major warehouses and large private bank platforms in Q3 and Q4 2024.
Analysts Gautam Chhugani and Mahika Sapra recently stated that institutional basis trade will mark a huge stepping stone for the adoption of crypto at a global scale.
These investors are considering net long positions as they become more comfortable with the improving ETF liquidity.
Bitcoin is trading above $64,000
At the moment of writing this article, BTC is trading above $64,000.
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The other day, the coin saw a dip below the level mentioned above ahead of a rebound in price.
Now, Bitcoin’s market cap is $1.26 trillion.
Bitcoin on-chain analyst Willy Woo recently addressed the price of Bitcoin and what it takes for it to see a recovery.
He highlighted once more that BTC’s price will surge again once the miner capitulation is over and the hash rate recovers.
Woo said that this one is for the record books, as it’s taking a lot of time for miner capitulation post the halving event. Bitcoin’s halving took place on April 20.
