Bitcoin spot ETFs saw first net outflow in over 19 trading days, BTC crashes below $67.5k 

The current trade price of Bitcoin (BTC) is 67,647 & this price significantly plummeted from $70,185. Net trade price crashed by nearly 4%.

The current trade price of #Bitcoin $67,661 pic.twitter.com/SnJ8tya8cM

— Bitcoinik (@Bitcoinikdotcom) June 11, 2024

The trade price of Bitcoin dropped to its lowest point in a week before U.S. inflation data and a Fed meeting on Tuesday. It means people are already expecting that they will get bearish news for Bitcoin soon.

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Meanwhile, the U.S. Bitcoin spot ETFs saw their first net outflow in over 19 trading days. 

In particular, the Grayscale Bitcoin Trust (GBTC) saw the largest net outflow at $39.5 million, followed by the Invesco Galaxy Bitcoin ETF (BTCO) with $20.5 million, and a smaller outflow of $3 million from the Fidelity Wise Origin Bitcoin Fund (FBTC).

Last day, the net outflow of money outflow from the BTC ETF market was $64.9318 million. 

On June 10, the total net outflow of Bitcoin spot ETFs was $64.9318 million, the first net outflow after 19 consecutive days of net inflows. Grayscale ETF GBTC had a single-day outflow of $39.5366 million, Bitwise ETF BITB had a inflow of $7.5910 million, and BlackRock ETF IBIT…

— Wu Blockchain (@WuBlockchain) June 11, 2024

Popular Crypto influencer Lark Davis noted that currently, 1 million Bitcoins are in the bag of Bitcoin spot ETF issuers globally. In short 34 BTC spot ETF issuers hold 5% of the total supply of Bitcoin. 

Davis said that these ETF issuers could control 10-20% during the bull run. This potential increase in ETF holdings could lead to a significant supply shock, impacting Bitcoin’s trade price. He suggested Bitcoin investors remain ready for this change.

Bitcoin ETFs globally hold over 1M Bitcoin.

That means 34 ETFs control almost 5% of the entire Bitcoin supply.

Imagine the scenes at the peak of the bull market, when these ETFs would hold 10-20% of the total supply.

A massive supply shock is coming.

Are you prepared? pic.twitter.com/07pc7U1nYI

— Lark Davis (@TheCryptoLark) June 10, 2024

Increasing Bitcoin spot ETF adoption 

According to many reports, the majority of the private & public funds in the US are in the due diligence process, so that they can include Bitcoin in their investment portfolio.

https://t.co/NXxE6UO4GY#Fidelity Digital Assets Says “Pension Funds Are Just Beginning To Talk About Investing In #Bitcoin & Crypto”

— Bitcoinik (@Bitcoinikdotcom) May 4, 2024

Read also: Elon Musk says he will ban Apple smartphones from his companies 

Bitcoin spot ETFs saw first net outflow in over 19 trading days, BTC crashes below $67.5k 

 

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