In another day of crypto market drudgery, the price of Bitcoin slumped into its increasingly familiar environs below $67,000 on June 11 after surfacing briefly above the $70K mark last week.
This comes ahead of U.S. inflation data and the FOMC meeting. Meanwhile, U.S. spot BTC exchange-traded funds registered net outflows of $65 million on Monday, breaking their longest inflow streak of 19 days.
19-Day Green Streak Ends
According to preliminary data, the last day to see net outflows across all 11 U.S. spot Bitcoin ETFs was May 10, when investors yanked $85 million from the novel products.
Grayscale’s GBTC led the pack with $40 million in outflows on June 10. GBTC continues its notorious run of being the worst-performing Bitcoin ETF in terms of outflows since going live in January, racking up a cumulative $18 billion in outflows. Since their inception in January, the 11 spot investment vehicles have logged a cumulative net inflow of nearly $16 billion.
On Monday, Invesco and Galaxy Digital’s BTCO ETF and Valkyrie Digital Assets’ BRRR ETF witnessed outflows of $20.5 million and $15.8 million, respectively. BlackRock’s IBIT, currently the largest spot BTC ETF by assets under management, saw net inflows of a mere $6 million, while Bitwise’s BITB saw $8 million in inflows.
Bitcoin Nosedives As Crypto Market Sees Sharp Decline
The outflows came as Bitcoin’s price fell sharply. Investors anticipate the U.S. Bureau of Labor Statistics’s release of its May figures for its key inflation-measuring Consumer Price Index (CPI) on June 11. Starting today, the Fed’s monetary policy will also be decided at a two-day Federal Open Market Committee (FOMC) meeting.
The world’s largest digital asset by market capitalization, BTC, dropped by 4.3% over the past 24 hours to lows of $66,207, according to CoinGecko. Major alternative cryptocurrencies — so-called altcoins — including Ether (ETH), Solana’s SOL, Ripple’s XRP, and Dogecoin (DOGE) also endured considerable losses today.
Meanwhile, asset managers are still waiting for the Securities and Exchange Commission’s feedback on their S-1 registration statements after greenlighting 19b-4 filings. The SEC has to approve S-1 forms from would-be issuers before the spot Ether funds can be officially listed for trading. SEC chairman Gary Gensler suggested on June 6 that the approval will depend on how fast issuers can respond to comments from the agency.
