Highlights
- Spot Bitcoin ETFs lost $140 million on June 20, marking the fifth straight day of outflows.
- Grayscale’s GBTC faced significant outflows, while BlackRock’s IBIT ETF saw gains, showcasing mixed market trends.
- Bitcoin’s price is $64,678, with bearish near-term trends and potential for long-term bullish movements.
The crypto market experienced a notable shift on June 20, with spot Bitcoin ETFs witnessing a significant outflow of $140 million, marking the fifth consecutive day of losses. Grayscale’s GBTC was the hardest hit, losing $53.1 million in a single day.
In contrast, BlackRock’s IBIT ETF bucked the trend, recording an inflow of $1.48 million, which increased its total inflow to an impressive $14.67 billion. These contrasting movements highlight the diverse strategies investors are adopting in response to the volatile crypto market.
Detailed Analysis of Spot Bitcoin ETF Outflows
Spot Bitcoin ETFs continued to see money flowing out, with $139.88 million in net outflows on June 20. This marks the fifth consecutive day of outflows. The trend began earlier in the week, with $152.4 million leaving these funds on June 18. Markets were closed on June 19 for a holiday.
On Thursday, the market faced its fifth successive day of net outflows, with Grayscale Bitcoin Trust (GBTC) seeing a significant outflow of $53.1 million and Fidelity Wise Origin Bitcoin Fund (FBTC) experiencing a $51.1 million outflow.
The market is now looking to upcoming U.S. private-sector PMI data on June 21 as a potential turning point. If these numbers suggest a Federal Reserve rate cut in September is likely, it could halt the outflow streak. However, if the U.S. S&P Global Services PMI comes in higher than the forecasted drop from 54.8 to 53.7 in June, it might lead to a sixth day of outflows.
Current Bitcoin Price and Market Trends
Bitcoin’s price has dipped to $64,678.11, down 1.34% in the last day and 3.42% over the week. Trading volume hit $23.4 billion in 24 hours. With 20 million coins out there, Bitcoin’s market value sits at $1.2 trillion. The price is below its 50-day average but above the 200-day, hinting at short-term weakness but long-term strength. Open interest in Bitcoin contracts dropped slightly to $19 billion.
If Bitcoin breaks above its 50-day average, it could push toward $69,000 and possibly its $73,808 record high. But a fall under $64,000 might see it slide to $60,365. The RSI of 39.47 suggests more room to fall before hitting oversold levels. Investors should watch US Services data and Bitcoin ETF flows closely.
