Spot Bitcoin ETFs Suffer $140M Outflow, Marking Five-Day Decline

The crypto market experienced a notable shift on June 20, with spot Bitcoin ETFs witnessing a significant outflow of $140 million, marking the fifth consecutive day of losses. Grayscale’s GBTC was the hardest hit, losing $53.1 million in a single day.,In contrast, BlackRock’s IBIT ETF bucked the trend, recording an inflow of $1.48 million, which increased its total inflow to an impressive $14.67 billion. These contrasting movements highlight the diverse strategies investors are adopting in response to the volatile crypto market.,Spot Bitcoin ETFs continued to see money flowing out, with $139.88 million in net outflows on June 20. This marks the fifth consecutive day of outflows. The trend began earlier in the week, with $152.4 million leaving these funds on June 18. Markets were closed on June 19 for a holiday.,

,On Thursday, the market faced its fifth successive day of net outflows, with Grayscale Bitcoin Trust (GBTC) seeing a significant outflow of $53.1 million and Fidelity Wise Origin Bitcoin Fund (FBTC) experiencing a $51.1 million outflow.,The market is now looking to upcoming U.S. private-sector PMI data on June 21 as a potential turning point. If these numbers suggest a Federal Reserve rate cut in September is likely, it could halt the outflow streak. However, if the U.S. S&P Global Services PMI comes in higher than the forecasted drop from 54.8 to 53.7 in June, it might lead to a sixth day of outflows.,Also Read: US Lawmakers Push for ‘Humanitarian Release’ of Binance Exec in Nigeria,Bitcoin’s price has dipped to $64,678.11, down 1.34% in the last day and 3.42% over the week. Trading volume hit $23.4 billion in 24 hours. With 20 million coins out there, Bitcoin’s market value sits at $1.2 trillion. The price is below its 50-day average but above the 200-day, hinting at short-term weakness but long-term strength. Open interest in Bitcoin contracts dropped slightly to $19 billion.,

,If Bitcoin breaks above its 50-day average, it could push toward $69,000 and possibly its $73,808 record high. But a fall under $64,000 might see it slide to $60,365. The RSI of 39.47 suggests more room to fall before hitting oversold levels. Investors should watch US Services data and Bitcoin ETF flows closely.,Also Read: Canada May See First Solana ETF as 3iQ Submits ETP Filing,