US spot Bitcoin exchange-traded funds (ETFs) saw a significant shift on Monday, with a net outflow of $64.93 million breaking a 19-day streak of inflows, the longest on record. The total inflows during this streak amounted to over $4 billion.
Grayscale’s GBTC led the outflows this week, pulling out $40 million. Other notable redemptions included Invesco and Galaxy Digital’s BTCO, which experienced net outflows of $20 million each, according to SosoValue data. Valkyrie’s Bitcoin ETF also reported a net outflow of $16 million, while Fidelity’s FBTC saw a net outflow of $3 million, marking its first negative flow since May 2.
In contrast, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, recorded net inflows of $6 million, while Bitwise’s BITB saw inflows of $8 million.
The 19-day streak of inflows, which ended last Friday, brought in total inflows of over $4 billion. Since their launch in January, the 11 spot Bitcoin ETFs have seen a combined net inflow of $15.62 billion.
Bitcoin’s price dropped last Friday due to mixed signals from U.S. nonfarm payrolls and unemployment data, causing uncertainty and leading investors to shy away from riskier assets, as reported by crypto trading firm QCP Capital.
Market participants are keeping a close eye on the upcoming release of the US Consumer Price Index (CPI) and the Federal Open Market Committee meeting later this week. CME Group estimates a 99.4% chance that the Federal Reserve will maintain the current interest rate between 5.25% and 5.50%. However, a Reuters poll of economists suggests that the Fed may cut interest rates twice this year, starting in September.
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