The post Gloomy Week: Spot Bitcoin ETF Outflows Surpass $500 Million appeared on BitcoinEthereumNews.com.

Key Points: Major US spot Bitcoin ETF outflows have marked a gloomy week for the crypto market. Despite outflows, cumulative inflows for US spot Bitcoin ETFs have reached $14.56 billion, with BlackRock’s IBIT now leading the market. Analysts predict Bitcoin could reach nearly $200,000 by the end of next year, driven by strong investor interest in spot Bitcoin ETFs. On June 21, significant capital movements were recorded among major Bitcoin exchange-traded funds (ETFs) in the United States. Spot Bitcoin ETF Outflows Hit $106 Million Withdrawn in a Day According to data from HODL15Capital, Fidelity’s FBTC experienced a net outflow of $45 million, while ARK 21Shares Bitcoin ETF saw $29 million flowing out. Likewise, Grayscale’s GBTC reported a net outflow of $34 million. The US spot Bitcoin ETF also faced substantial withdrawals, totaling $105.9 million. In contrast, Franklin Templeton’s EZBC was a standout with a net inflow of $2 million. The total net asset value of US spot Bitcoin ETFs currently stands at $55,547 billion. Last week, data from SoSo Value revealed that US spot Bitcoin ETF outflows surpassed $542 million. Leading this trend is Grayscale Bitcoin Trust ETF (GBTC), which alone accounted for over $18 billion in outflows. Analysts Predict Bitcoin Could Surge to $200,000 Amid Strong ETF Interest Despite spot Bitcoin ETF outflows, cumulative net inflows have reached $14.56 billion. BlackRock’s IBIT has emerged as the largest player in the market, surpassing GBTC. Meanwhile, despite strong inflows, Bitcoin’s price dipped over 3% last week and is currently trading around $64,000. Despite recent sentiment fluctuations in ETF flows, market remains cautiously optimistic. Analysts at Bernstein foresee Bitcoin potentially reaching nearly $200,000 by the end of next year, driven by robust inflows into US spot Bitcoin ETFs since their launch in January. The projection marks an upward revision from their earlier…

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Filed under: News - @ June 22, 2024 8:22 am