US Spot Bitcoin ETF Turns Net Buy Yesterday
On Tuesday, 11 U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a total daily net outflow of $13.62 million, turning negative again after five consecutive days of inflows.
According to SosoValue data, Grayscale’s GBTC saw a net outflow of $32.38 million, followed by Bitwise’s BITB, which lost $6.76 million.
Meanwhile, BlackRock’s IBIT saw inflows of $14.12 million, Fidelity’s FBTC saw inflows of $5.42 million, VanEck’s Bitcoin fund saw inflows of $3.51 million, and Ark Invest and 21Shares’ ARKB reported net inflows of $2.48 million on Tuesday.
The 11 Bitcoin funds had less than $1 billion in trading volume on Tuesday, significantly lower than their peak in March, when daily volume was around $8 billion to $10 billion. The ETFs have amassed a total of $14.64 billion in net inflows since their launch in January.
According to The Block’s Bitcoin price page, the Bitcoin price has fallen 3.51% over the last 24 hours, hitting $60,876 at the time of publication.
The price of the top cryptocurrency, bitcoin, fell despite predictions that it could hit a record high in August and reach $100,000 by the time of the U.S. presidential election in November, according to a report released Tuesday by Standard Chartered.
However, Standard Chartered predicted that if current US President Joe Biden withdraws from the election race, which is the “least likely” scenario, the Bitcoin price could fall further to the $50,000-$55,000 range.
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About the Author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He was previously a reporter at Forkast.News, where he actively covered the downfalls of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong, and China. He holds a Bachelor of Arts in Journalism and Business Marketing from the University of Hong Kong.
