US spot bitcoin ETFs returned to net outflows yesterday
US spot bitcoin ETFs saw daily net outflows of $13.62 million yesterday.Grayscale’s GBTC had net outflows of $32.38 million.
The 11 U.S. spot bitcoin exchange-traded funds saw total daily net outflows of $13.62 million on Tuesday, returning to negative flows after five straight days of inflows.
Grayscale’s GBTC saw net outflows of $32.38 million, followed by Bitwise’s BITB, which lost $6.76 million, according to SosoValue data .
On the other hand, BlackRock’s IBIT had $14.12 million worth of inflows, and Fidelity’s FBTC saw inflows worth $5.42 million. VanEck’s bitcoin fund recorded $3.51 million, and Ark Invest and 21Shares’ ARKB reported $2.48 million in net inflows on Tuesday.
The 11 bitcoin funds had less than $1 billion in trading volume on Tuesday, which is significantly lower than the height of March trading with a daily volume of around eight to ten billion dollars. The ETFs have accumulated a total net inflow of $14.64 billion since their January inception.
Meanwhile, the price of bitcoin dropped 3.51% in the past 24 hours to $60,876 at the time of publication, according to The Block’s bitcoin price page .
The price drop came despite a Tuesday report from Standard Chartered predicting that the top cryptocurrency could hit its all-time high in August, followed by an increase to $100,000 by the time of the U.S. presidential election in November.
However, in a “least likely” scenario of the current U.S. President Joe Biden stepping out of the election race, bitcoin prices could further drop to the range of $50,000 to $55,000, Standard Chartered forecasted.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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