Bitcoin ETFs shed $434M as BTC briefly touches $60K, assets near $80B

The U.S. spot Bitcoin ETF market registered one of its largest single-day net outflows in months, shedding approximately $434 million on June 13th, as the price of Bitcoin briefly tumbled to the critical support level of $60,000. This substantial withdrawal marks a significant shift in momentum, following several weeks of generally slowed or negative net flows.

Data indicates that the outflows were broadly distributed among several funds, including significant withdrawals from the Grayscale Bitcoin Trust (GBTC) and noticeable tapering in the inflows previously enjoyed by funds managed by BlackRock (IBIT) and Fidelity (FBTC). The total assets under management (AUM) for the ten operational spot Bitcoin ETFs remain robust, however, holding firm near the $80 billion threshold, underscoring the enduring scale of institutional involvement.

Market analysis suggests the steep correction in ETF holdings coincided with heightened macroeconomic uncertainty. Bitcoin’s price drop below $61,000 was primarily attributed to the Federal Reserve’s hawkish stance, which signaled fewer interest rate cuts in 2024 than initially projected, leading to increased risk aversion across volatile asset classes. Investors are reportedly engaging in profit-taking activity following a strong start to the year for the cryptocurrency sector.

Source: Bitcoin ETFs shed $434M as BTC briefly touches $60K, assets near $80B