- Bitcoin spot ETFs saw a $64.9318 million net outflow, the first in 19 days.
- The BTC price fell 2.34% in 24 hours, reflecting a bearish trend.
At $64.9318 million, the overall net outflow of Bitcoin spot ETFs on June 10 was the first net outflow following 19 days of net inflows. Remarkably, the Grayscale ETF (GBTC) lost $39.5366 million in a single day, according to SosoValue.
An important withdrawal from one of the biggest Bitcoin ETFs points to a change in investor attitude. Still, inflows into other ETFs helped to slightly offset this.
The $7.5910 million inflow into the Bitwise ETF (BITB) and the $6.3433 million inflow into the BlackRock ETF (IBIT) show that even though some investors are leaving the cryptocurrency market, others still believe in it.
On June 10, the total net outflow of Bitcoin spot ETFs was $64.9318 million, the first net outflow after 19 consecutive days of net inflows. Grayscale ETF GBTC had a single-day outflow of $39.5366 million, Bitwise ETF BITB had a inflow of $7.5910 million, and BlackRock ETF IBIT…
— Wu Blockchain (@WuBlockchain) June 11, 2024
BTC Price Movement and Market SentimentÂ
CoinMarketCap data shows that the current price of BTC is about $68,120.83. This represents a fall of 2.34% on the previous day, which adds to a 1.78% bear trend for the previous seven days.
The present price swing highlights the volatility of Bitcoin by nature and the prudence of investors in the face of changing market dynamics. With this fall following a time of comparatively stable conditions, there are questions regarding Bitcoin’s immediate future.
Calls for Crypto ETF Approval in South Korea
Relatedly, the leader of the Korean Stockholders’ Alliance, Jung Eui-jung, has issued a major appeal to action, according to an ETHNews report. To stop investment moving to more progressive markets, Jung has asked South Korea to allow cryptocurrency ETFs.
The worldwide financial markets are becoming more and more interested in and accepting of cryptocurrency assets. To maintain its competitiveness and draw in local investment, South Korea is thought to need to press for regulatory approval.
Coinshares research released recently indicates that investor confidence in Bitcoin is still strong despite the recent outflows.
As previously reported by ETHNews, the $1.97 billion weekly inflows that Bitcoin has led highlight the great confidence and hope that investors have in the top cryptocurrency, according to the research.