On Monday, a remarkable streak of 19 consecutive days of net inflows for Bitcoin Spot ETFs in the United States came to an end, with combined net outflows of $65 million.
Details of Flows by Fund
Grayscale’s GBTC experienced the most significant outflows with $40 million. Since its launch in January, GBTC unfortunately stands out as the ETF with the worst performance in terms of outflows, accumulating a total of $18 billion in net outflows.
Other funds like Invesco’s BITCO and Galaxy Digital, and Valkyrie’s BRRR also suffered losses, with $20 million and $16 million respectively in net outflows. Fidelity’s FBTC was not spared, recording $3 million in outflows, marking its first negative flow since early May.
CPI, FOMC, and General Context in the United States
These fund movements pushed both the crypto and stock markets down, with Bitcoin dropping below $67,000. Investors anticipated a volatile week in anticipation of the release of the Consumer Price Index (CPI) in the United States scheduled for Wednesday and the U.S. Treasury Secretary’s speech, Janet Yellen, set for Friday.
Additionally, the monetary policy of the Federal Reserve will be decided at a two-day meeting of the Federal Open Market Committee (FOMC) starting Thursday. Comments from this meeting could add to market uncertainty.
