Bitcoin falls below USD $61,000 amid slow pace of inflows to ETFs – DiarioBitcoin
By Hannah Perez
Bitcoin revisited its lowest level in eight weeks after falling below $61,000. Meanwhile, ETFs closed their third day of inflows on Thursday, although the pace is becoming slower.
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- US Spot Bitcoin ETFs See Their Third Day of Inflows in a Row
- The pace of capital inflows is slow, with less than USD $70 million in the last 3 days
- Bitcoin fell again below USD $61,000 amid a bearish correction
Bitcoin is in the abyss of USD $61,000 amid sustained but slower inflows for exchange-traded funds (ETFs) Bitcoin in cash in the United States.
On Thursday, the 11 ETFs with direct exposure to Bitcoin Traded in the US market saw a combined net inflow worth USD $11.8 million, according to data provided by Farside Investorswhich marked the third consecutive day of capital inflows.
GBTC, the ETF converted from Grayscalecontributed to Thursday’s losses, after closing with a negative flow of 11.4 million dollars. Meanwhile, BITB of Bitwise dominated in terms of largest capital inflows during the session, with USD $8 million, followed by four other funds that also recorded inflows on the day.
FBTC FidelityEZBC Franklin TempletonBTCO of Invesco and ARKB of Ark Investwere the other products that registered inflows on Thursday, between USD $1.8 and USD $6.7 million. The other ETFs, among which was the dominant product of BlackRockIBIT, did not register capital inflows or outflows on the day.
The recent positive flow for the group comes after a negative start that followed a week of only net capital outflows. The ETFs Bitcoin Spot currencies had been on an unprecedented run of inflows until June 10, when the trend turned bearish. Since then, most of the sessions have seen daily capital outflows.
Although funds have recorded three consecutive days of inflows, the cumulative sum of USD $64 million over the last few sessions has not been enough to offset the daily outflows at the beginning of the week, which exceeded USD $170 million on Monday, suggesting an increasingly slowing pace of inflows.
ETFs of Bitcoin US cash inflows have so far accumulated $14.4 billion since their debut in January, according to the same data source.
This downward trend for ETFs Bitcoin coincides with an equally unoptimistic price action for the underlying asset. Bitcoin It plunged towards the USD $60,800 area on Friday morning amid a drop of more than 5% for the week.
The largest and oldest cryptocurrency had revisited a floor of USD $59,000 on Monday, its lowest level since early May, amid unfavorable macroeconomic winds and news about the highly anticipated distribution of payments to victims of the defunct exchange Mt. Gox. The downward trend continued, despite a modest recovery in the week, with prices falling back below USD $61,000 by Friday.
At the time of publication, BTC is trading around USD $60,850, according to data from CoinMarketCapdown 1.4% in the last 24 hours and the rest of the cryptocurrency market following suit.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Picture of Unsplash
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