BTC Price Recovers After Monthly Lows Despite Continuous Bitcoin ETF Outflows

The spot Bitcoin ETFs in the States have reversed the late May/early June trend and have seen several consecutive days of outflows, worth more than $600 million.

These adverse developments on the ETF front have impacted the price of the underlying asset, as well as the entire crypto market, and BTC slumped to a monthly low before it bounced off late last night.

CryptoPotato reported last week that the most impressive streak of consecutive days of inflows into the ETFs ended after nearly a month of positive flows.

This happened last Monday when all US-based ETFs saw minor outflows worth $64.9 million. A day later, the outflows more than tripled amid uncertainty regarding the US CPI numbers and the subsequent FOMC meeting.

Once those came out, the inflation data was promising, but the Fed decided against cutting the interest rates; Wednesday saw inflows of just over $100 million.

However, the trend changed once again, and the ETFs have not seen a positive day since. In fact, more than $225 million was taken out on June 13, almost $190 million on Friday, $145.9 million on Monday, and just over $150 million yesterday.

Fidelity’s FBTC has been at the forefront of the outflows, seeing over $80 million of withdrawals for four consecutive days. As such, FBTC has beaten even Grayscale’s GBTC in this negative trend.

These developments harmed BTC’s price movements. The asset failed at $70,000 on a couple of occasions last week and slumped hard to a monthly low of $64,000 yesterday.

However, it managed to bounce off and currently sits over a grand above that local low. The altcoins also suffered hard yesterday, but most are on the rebound now.

It’s worth noting that June 19 (Juneteenth) is an official holiday in the US, which means that Wall Street will be closed, and the ETFs will take a breather today.