### 5-Day Positive Streak in US Spot Bitcoin Exchange Traded Funds (ETFs) Ends! Here are the Details
**Author:**
Utku Yanık
**03.07.2024 – 12:42**
**Update:**
4 seconds ago
US spot Bitcoin exchange-traded funds (ETFs) faced daily net outflows totaling $13.62 million on Tuesday, marking a return to negative flows after five consecutive days of inflows.
Grayscale’s GBTC led the outflows with a net loss of $32.38 million, according to data from SosoValue. Bitwise’s BITB followed with a net outflow of $6.76 million.
In contrast, several funds reported positive inflows. BlackRock’s IBIT saw inflows worth $14.12 million, while Fidelity’s FBTC recorded inflows of $5.42 million. VanEck’s Bitcoin fund reported $3.51 million in inflows, while Ark Invest and 21Shares’ ARKB saw net inflows of $2.48 million on Tuesday.
**Related News**
– Singapore’s Largest Bank DBS Group Partners with Stablecoin Giant!
The 11 Bitcoin funds collectively recorded less than $1 billion in trading volume on Tuesday, significantly lower than the roughly $8 billion to $10 billion in daily volume observed during the peak trading period in March. Since their inception in January, these ETFs have accumulated a combined net inflow of $14.64 billion.
The price of Bitcoin dropped by 3.51% in the last 24 hours, falling to 60,950 at the time of writing. This decline comes despite a bullish forecast from Standard Chartered, which predicted that the leading cryptocurrency could reach an all-time high by August and potentially climb to $100,000 by the US presidential election in November.
Standard Chartered’s report also included a less likely scenario in which Bitcoin prices could drop to the $50,000 to $55,000 range if current US President Joe Biden decides not to run for re-election.
Fluctuating net flows and Bitcoin prices underscore the ongoing volatility and uncertainty in the cryptocurrency market, influenced by both market dynamics and broader economic forecasts.
*This is not investment advice. To invest in more than 300 cryptocurrencies, you can register with Binance exchange with a 20% COMMISSION DISCOUNT from this link!*
Follow our **Telegram** and **Twitter** account now for exclusive news, analytics, and on-chain data!
**Comments**
**Label**
Name:
Mail
Δ
**Label**
Name:
Mail
Δ
0 Comments
Inline Feedbacks
View all comments
