Bitcoin Spot ETF Sees $200 Million Outflow Amid Market Correction
CryptoNewsTerminal Staff12 Jun, 2024
Bitcoin Spot ETF Sees $200 Million Outflow Amid Market Correction
Bitcoin spot exchange-traded funds (ETFs) saw a net outflow of $200 million on June 12, marking two consecutive days of net outflows. According to crypto analyst HODL15Capital, the largest outflows came from Grayscale GBTC ($121 million), followed by Ark 21 Shares ARKB ($56.5 million), Bitwise BITB ($12 million), and Fidelity FBTC ($7 million). Blackrock IBIT did not report any inflows or outflows. The outflows coincide with a broader correction in the cryptocurrency market, with Bitcoin (BTC) losing approximately 30% of its value in the past two weeks. The market sell-off has been attributed to a number of factors, including rising inflation, interest rate hikes, and global economic uncertainty. Despite the recent outflows, Bitcoin spot ETFs remain popular among investors seeking exposure to the digital asset class. These ETFs offer a more convenient and regulated way to invest in Bitcoin compared to purchasing the cryptocurrency directly on exchanges. However, investors should be aware of the risks associated with Bitcoin spot ETFs, including price volatility and the potential for regulatory changes. It is important to do your own research and only invest what you can afford to lose.
