As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market fluctuations. The recent developments surrounding the US-listed Bitcoin ETFs have been particularly noteworthy, and not in a good way.
Bitcoin ETFs in the United States have recently switched directions from the previous trend in late May and early June, experiencing multiple consecutive days of redemptions totaling over $600 million.
The unfavorable turn of events regarding ETFs has influenced the value of the associated underlying asset, in addition to the overall crypto market. Yesterday, Bitcoin reached a monthly minimum before rebounding somewhat during the late hours.
Last week, CryptoPototo announced the end of an impressive 30-day run during which Exchange-Traded Funds (ETFs) experienced daily inflows.
Last Monday witnessed minor withdrawals from US-based ETFs to the tune of $64.9 million. The next day, however, saw significant increases in these outflows, reaching over three times the previous amount, fueled by apprehension surrounding the upcoming release of the US Consumer Price Index (CPI) figures and the ensuing Federal Open Market Committee (FOMC) meeting.
After the release of the encouraging inflation figures on Wednesday, the Federal Reserve opted not to reduce interest rates despite the inflow of approximately $100 million.
As an analyst, I’ve observed a significant reversal in the trend for ETFs, resulting in consecutive negative days since then. To be precise, investors withdrew approximately $225 million on June 13, about $190 million on Friday, slightly under $146 million on Monday, and over $150 million yesterday.
I, as an analyst, have observed that Fidelity’s FBTC has been leading the way in terms of outflows, with over $80 million withdrawn for each of the past four days. This trend surpasses Grayscale’s GBTC in its magnitude and duration.
Last week, I witnessed firsthand how certain developments negatively impacted Bitcoin’s price action. Despite two attempts to surpass the $70,000 mark, Bitcoin ultimately fell flat. The setbacks continued as the asset plunged to a monthly low of $64,000 on yesterday.
Despite hitting a new low slightly above the specified figure yesterday, the asset has recovered and now hovers about $1 above it. Similarly, the altcoins experienced significant declines the previous day, but most have since rebounded.
As a researcher, I’d like to bring your attention to the fact that today, June 19, is recognized as Juneteenth, a federal holiday in the United States. Consequently, Wall Street will observe this day off, and Exchange-Traded Funds (ETFs) will experience a pause in their usual trading activities.
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2024-06-19 11:40