Gloomy Week: Spot Bitcoin ETF Outflows Surpass $500 Million

Key Points:

• Major US spot Bitcoin ETF outflows have marked a gloomy week for the crypto market.
• Despite outflows, cumulative inflows for US spot Bitcoin ETFs have reached $14.56 billion, with BlackRock’s IBIT now leading the market.
• Analysts predict Bitcoin could reach nearly $200,000 by the end of next year, driven by strong investor interest in spot Bitcoin ETFs.

On June 21, significant capital movements were recorded among major Bitcoin exchange-traded funds (ETFs) in the United States.

Spot Bitcoin ETF Outflows Hit $106 Million Withdrawn in a Day

According to data from HODL15Capital, Fidelity’s FBTC experienced a net outflow of $45 million, while ARK 21Shares Bitcoin ETF saw $29 million flowing out. Likewise, Grayscale’s GBTC reported a net outflow of $34 million. The US spot Bitcoin ETF also faced substantial withdrawals, totaling $105.9 million.

In contrast, Franklin Templeton’s EZBC was a standout with a net inflow of $2 million. The total net asset value of US spot Bitcoin ETFs currently stands at $55,547 billion.

Last week, data from SoSo Value revealed that US spot Bitcoin ETF outflows surpassed $542 million. Leading this trend is Grayscale Bitcoin Trust ETF (GBTC), which alone accounted for over $18 billion in outflows.

Analysts Predict Bitcoin Could Surge to $200,000 Amid Strong ETF Interest

Despite spot Bitcoin ETF outflows, cumulative net inflows have reached $14.56 billion. BlackRock’s IBIT has emerged as the largest player in the market, surpassing GBTC. Meanwhile, despite strong inflows, Bitcoin’s price dipped over 3% last week and is currently trading around $64,000.

Despite recent sentiment fluctuations in ETF flows, market remains cautiously optimistic. Analysts at Bernstein foresee Bitcoin potentially reaching nearly $200,000 by the end of next year, driven by robust inflows into US spot Bitcoin ETFs since their launch in January.

The projection marks an upward revision from their earlier target of $150,000, underpinned by the assumption that spot Bitcoin ETFs could encompass approximately 7% of the total circulating Bitcoin supply by 2025.