The streak of inflows into U.S. spot Bitcoin ETFs has come to an end, with net outflows totaling $65 million on June 10, marking the first day of outflows in 19 consecutive days.
Data from Farside Investors reveals that the last instance of net outflows across all U.S. spot Bitcoin ETFs was observed on May 10, when investors withdrew $84.7 million from these investment products.
Grayscale’s GBTC ETF witnessed net outflows of nearly $40 million on June 10 alone, with outflows surpassing $113 million over the past three consecutive days.
BlackRock’s IBIT ETF also experienced a significant decline, with inflows plummeting to just $6.3 million on June 10, a stark contrast to the $168.3 million inflows recorded on June 7.
In addition, Invesco and Galaxy Digital’s BTCO ETF, along with Valkyrie Digital Assets’ BRRR ETF, saw outflows of $20.5 million and $15.8 million, respectively, on June 10.
These outflows stand in contrast to the robust inflows witnessed the previous week, where BlackRock’s IBIT ETF and Fidelity’s FBTC together received inflows exceeding $1.6 billion, positioning them among the top 10 ETFs across all categories for inflows, according to analytics platform etf.com.
The outflows coincide with a slight downturn in Bitcoin’s price, which decreased by over 3% ahead of the upcoming FOMC meeting and CPI report.
Bitcoin’s price dropped by 3.6% in the past 24 hours, reaching lows of $66,791, according to CoinGecko. However, the cryptocurrency has since rebounded slightly, currently trading just below $67,000.
Derivatives traders in the Bitcoin market witnessed liquidations totaling over $50 million in the past 24 hours, as reported by Coinglass. Long positions accounted for $44.34 million of the total liquidations.