Bitcoin ETFs Bleed $139.9M as BTC Price Sinks Below $65K

Nasdaq-listed spot Bitcoin ETFs witness their fifth consecutive day of net outflows.

Man turning grey seeing his Bitcoin stock results.
Created by Kornelija Poderskytė from DailyCoin
  • Bitcoin ETFs continued to bleed on Thursday.
  • The funds recorded tens of millions in daily net outflows.
  • Bitcoin traded below $65K for the second time in three days.

The wider crypto market witnessed a notable shift on Thursday as spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded their fifth straight day of net outflows, and BTC’s price plunged below a key support level.

On June 20, Bitcoin traded below $65,000 for the second time in three days, nearly two weeks after it sank from a monthly high of $71,331 on June 5. While the crypto asset is up over 100% in the last year, its recent price corrections have wiped out nearly 4% of its value in the last seven days.

Bitcoin ETF Flows on June 20

According to preliminary data by Farside Investors, spot Bitcoin ETFs witnessed a massive total net outflow of $139.9 million on Thursday, about $12 million shy of the $152 million that left the funds on June 19.

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Grayscale’s GBTC led the Nasdaq-listed funds yesterday with a daily net outflow of $53.1 million, followed closely by Fidelity’s FBTC, which hemorrhaged $51.1 million. The FBTC fund has witnessed consecutive outflows for the past five trading days totaling $412.7 million.

The only net inflow of the day came from BlackRock’s IBIT fund, which attracted $1.5 million as Bitwise’s’ BITB, VanEck’s HODL, and Invesco’s BTCO posted daily net outflows of $31.5 million, $3.7 million, and $2 million, respectively.

The remaining funds posted $0 inflows on June 20, including Ark Invest’s ARKB, Franklin Templeton’s EZBC, Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI.

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As for BTC, the crypto asset was trading at $64,645 with a market cap of $1.27 trillion as of press time, CoinMarketCap data shows. While this is closely linked to the negative ETF flows, the downward pressure on BTC’s price could also be attributed to significant sales in the past day.

On Thursday, Arkham Intelligence reported that the German government had moved $600M in BTC and sent $195 million to “likely exchange deposits” over two days. The German government is reportedly still holding over $3B in BTC.

Stay updated on Thailand’s first pot Bitcoin ETF:
Thailand Approves First Spot Bitcoin Exchange-Traded Fund (ETF)

Read about Bitcoin ETF performance over the past few days:
Bitcoin ETFs Face $714.4M Outflow in Four Straight Trading Days

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.