BlackRock’s IBIT was the sole spot bitcoin ETF to experience net inflows in terms of net asset value.
As of the current update, the price of Bitcoin stands at $63,849, showing a decrease of 3.21% over the past 24 hours.
On Thursday, a total of $139.88 million exited U.S.-based spot bitcoin exchange-traded funds, marking the fifth consecutive day of net withdrawals. According to data from SoSoValue, the top two funds with the highest daily net outflows were GBTC (Grayscale) and FBTC (Fidelity), with GBTC recording $53 million and FBTC $51 million in outflows each.
VanEck’s ETF witnessed outflows of $4 million, while Bitwise’s BITB saw $32 million leaving the fund. Invesco and Galaxy Digital fund both experienced net withdrawals of $2 million.
BlackRock’s IBIT, the largest spot bitcoin ETF in terms of net asset value, was the only fund to register net inflows. On Thursday, IBIT reported a daily transaction volume of $565 million, with net inflows amounting to $1 million. Other funds such as Hashdex, WisdomTree, Valkyrie, Franklin Templeton, and Ark Invest did not record any transactions.
The total trading volume for the ETFs dropped from $1.7 billion on Tuesday to $1.16 billion on Thursday. Since their launch in January, the eleven spot bitcoin funds collectively received a net inflow of $14.67 billion. The market was closed on Wednesday due to a public holiday.
Bitcoin Price Drops
Following significant market events, the cryptocurrency community has been analyzing Bitcoin’s volatile price movements. The market faced pressure from the German government’s substantial sale of Bitcoin.
On June 20, Bitcoin briefly surged above $65,800, encountering resistance around $66,000. It peaked at $66,387 before declining again. Currently, Bitcoin is trading at $63,849, showing a 3.21% decrease in the last 24 hours based on data from CMC.
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