Bitcoin Climbs Above $67.5K As Spot ETFs See $200M Outflows On Tuesday
Portfolio Pulse from Murtuza Merchant
Bitcoin climbed above $67,500 despite $200 million outflows from U.S. Bitcoin spot ETFs, primarily driven by Grayscale’s Bitcoin Trust (GBTC). The total net asset value of all U.S. Bitcoin spot ETFs has dipped below $60 billion. The market is awaiting the FOMC interest rate decision.
June 12, 2024 | 10:04 am
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Grayscale’s Bitcoin Trust (GBTC) experienced a significant outflow of $121 million, contributing to a total of $200 million outflows from U.S. Bitcoin spot ETFs. This marks a continuation of a trend for GBTC, which has seen the highest cumulative outflows since its launch.
The significant outflow from GBTC indicates a shift in investor sentiment, which could negatively impact its short-term price. The continuation of this trend suggests ongoing challenges for GBTC.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100