🚀 Crypto Bitcoin Price Dithers Under $67K As Spot ETFs Record $65M Net Outflows, Breaking 19-Day Inflow Streak

[Undefeated_Lamba]

In another day of crypto market drudgery, the price of Bitcoin slumped into its increasingly familiar environs below $67,000 on June 11 after surfacing briefly above the $70K mark last week.

This comes ahead of U.S. inflation data and the FOMC meeting. Meanwhile, U.S. spot BTC exchange-traded funds registered net outflows of $65 million on Monday, breaking their longest inflow streak of 19 days.

19-Day Green Streak Ends​

According to preliminary data, the last day to see net outflows across all 11 U.S. spot Bitcoin ETFs was May 10, when investors yanked $85 million from the novel products.

Grayscale’s GBTC led the pack with $40 million in outflows on June 10. GBTC continues its notorious run of being the worst-performing Bitcoin ETF in terms of outflows since going live in January, racking up a cumulative $18 billion in outflows. Since their inception in January, the 11 spot investment vehicles have logged a cumulative net inflow of nearly $16 billion.

On Monday, Invesco and Galaxy Digital’s BTCO ETF and Valkyrie Digital Assets’ BRRR ETF witnessed outflows of $20.5 million and $15.8 million, respectively. BlackRock’s IBIT, currently the largest spot BTC ETF by assets under management, saw net inflows of a mere $6 million, while Bitwise’s BITB saw $8 million in inflows.

Bitcoin Nosedives As Crypto Market Sees Sharp Decline​

The outflows came as Bitcoin’s price fell sharply. Investors anticipate the U.S. Bureau of Labor Statistics’s release of its May figures for its key inflation-measuring Consumer Price Index (CPI) on June 11. Starting today, the Fed’s monetary policy will also be decided at a two-day Federal Open Market Committee (FOMC) meeting.

The world’s largest digital asset by market capitalization, BTC, dropped by 4.3% over the past 24 hours to lows of $66,207, according to CoinGecko. Major alternative cryptocurrencies — so-called altcoins — including Ether (ETH), Solana’s SOL, Ripple’s XRP, and Dogecoin (DOGE) also endured considerable losses today.

Meanwhile, asset managers are still waiting for the Securities and Exchange Commission’s feedback on their S-1 registration statements after greenlighting 19b-4 filings. The SEC has to approve S-1 forms from would-be issuers before the spot Ether funds can be officially listed for trading. SEC chairman Gary Gensler suggested on June 6 that the approval will depend on how fast issuers can respond to comments from the agency.