The first occurrence of no spot Bitcoin ETF inflow was observed on Tuesday, June 18, marking a significant event in the market. Fidelity’s FBTC experienced the highest outflow, totaling $83 million on that day. A total net outflow of $152.42 million from U.S. spot bitcoin exchange-traded funds occurred, continuing a trend seen over the past four trading sessions.
The consistent outflows have led to a notable slowdown in the spot Bitcoin ETF market. Tuesday, June 18, marked the first instance of no inflows into any spot Bitcoin ETF since its establishment in January 2024. This ongoing struggle is evident in the data provided by SosoValue, which reveals that Fidelity’s FBTC had the largest outflow, while Bitwise’s BITB and Grayscale’s GBTC also recorded significant net outflows.
Despite the lack of inflows into the other eight exchange-traded funds, the total net inflows for the eleven spot bitcoin ETFs amounted to $14.81 billion as of Tuesday, a slight decrease from the previous high of $15.69 billion on June 7. The market is currently dominated by industry leaders BlackRock and Fidelity.
On Tuesday, ETF trading volume reached $1.7 billion, an increase from the previous day. The Bitcoin price is striving to remain above $65,000 amidst selling pressure and a subdued market sentiment. In Australia, spot Bitcoin ETFs have seen modest inflows since their introduction last week.
A research report by CryptoQuant experts released on Tuesday suggested a potential 8% to 12% correction in Bitcoin’s price following its recent drop below a crucial support level. This correction could push the price towards $60,000.
In other crypto news today, a Trump-themed DJT Memecoin purportedly created by Martin Shkreli has gained attention in the market.