US Bitcoin ETFs Experience 152M in Outflows for 4th Consecutive Day Fidelity and Grayscale in the Lead

Key Points
– US Bitcoin spot ETFs experienced a $152 million outflow on June 18, marking the fourth consecutive day of outflows.
– Fidelity’s FBTC and Grayscale’s GBTC led the outflows with $83 million and $62.34 million, respectively.
– Wu Blockchain predicts that more liquidations are needed for Bitcoin to regain bullish momentum.
– This significant outflow from US Bitcoin spot ETFs raises concerns about investor sentiment and its impact on the crypto market.

According to Wu Blockchain, US Bitcoin spot ETFs saw a substantial outflow of $152 million on June 18, with Fidelity’s FBTC and Grayscale’s GBTC standing out among the 11 ETFs. This marks the fourth straight day of massive outflows in the US crypto market.

The data shows a significant shift in investor sentiment towards Bitcoin ETFs, prompting questions about the driving forces behind these outflows and their potential repercussions on the crypto market.

Fidelity’s FBTC led the outflows with $83 million, followed closely by Grayscale’s GBTC with a net outflow of $62.34 million in a single day. The historical net outflow of GBTC has now reached $18.273 billion, indicating a continued divestment trend from the Grayscale Bitcoin Trust.

Despite these outflows, the total net asset value of Bitcoin spot ETFs remains substantial at $56.056 billion. However, concerns have arisen in the crypto community as Bitcoin’s price has dropped from $70,000 to around $65,153, with some miners ceasing operations, resulting in fewer Bitcoin trades.

Bitcoin analyst Willy Woo pointed out that many people are speculating on Bitcoin’s price using paper rather than actual coins. Woo highlighted the need for more liquidations before bullish momentum can return, suggesting that Bitcoin may not see new highs until trading activity picks up.