US Spot Bitcoin Exchange Traded Funds (ETFs) End 5-Day Positive Streak! Here Are the Details

11 US spots Bitcoin stock market investment fund (ETF)experienced a total daily net outflow of $13.62 million on Tuesday, returning to negative flows after five consecutive days of inflows.

According to data from SosoValue, Grayscale’s GBTC led the outflows with a net loss of $32.38 million, followed by Bitwise’s BITB 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 inflows of $3.51 million, while Ark Invest and 21Shares’ ARKB saw net inflows of $2.48 million on Tuesday.

Eleven Bitcoin funds collectively recorded less than $1 billion in trading volume on Tuesday, significantly lower than the roughly $8 billion to $10 billion daily volume observed during the peak trading period in March.

Since their inception in January, these ETFs have accumulated a total of $14.64 billion in net inflows.

The price of Bitcoin has fallen by 3.51% in the last 24 hours, dropping to 60,950 at the time of writing.

This decline came despite a positive forecast from Standard Chartered, which predicted that the leading cryptocurrency could reach a new all-time high by August and potentially climb to $100,000 by the time of the US presidential election in November.

Standard Chartered’s report also included a least likely scenario where Bitcoin prices could fall to the $50,000 to $55,000 range if incumbent US President Joe Biden decides not to seek re-election.

The fluctuating net flows and Bitcoin price underscore the ongoing volatility and uncertainty in the cryptocurrency market, which is affected by both market dynamics and broader economic forecasts.

*This is not investment advice.