Key Points
- Bitcoin ETFs recorded $145.8 million in outflows on June 17.
- BTC is buying and selling above $65,000.
According to the newest information from SoSoValue, Bitcoin ETFs recorded $145.8 million in outflows on June 17.
Here are the outflows and inflows that the US crypto merchandise noticed yesterday:
- Grayscale’s Bitcoin ETF, GBTC, recorded outflows of $3 million.
- Fidelity’s Bitcoin ETF, FBTC, noticed outflows of $92 million.
- Ark Invest and 21Shares’ Bitcoin ETF, ARKB, noticed outflows of $50 million.
- VanEck’s Bitcoin ETF, HODL, recorded outflows of $4 million.
- Bitwise’s Bitcoin ETF, BITB, was the one crypto product that noticed inflows, $3 million.
The different Bitcoin ETFs didn’t see any inflows or outflows the opposite day.
The complete internet belongings in Bitcoin ETFs are at the moment $57.8 billion, in keeping with the identical information from SoSoValue.
Bitcoin is buying and selling above $65k
At the second of writing this text, BTC is buying and selling above $65,000 following a worth drop earlier below this mark, forward of a fast worth rebound.
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Today, Bitcoin on-chain analyst Willy Woo shared a publish by way of his X account, saying that Bitcoin’s worth will proceed to “be punished” till the hash market picks up some quantity.
He additionally mentioned “this is the reason bankers used to name it drug cash.”
Woo shared a graph exhibiting Bitcoin hash ribbons.
Woo additionally reiterated his publish from June 11 wherein he was explaining that the market is present process a uncommon miner capitulation occasion.
He was saying that this stems from the halving occasion of Bitcoin which came about again on April 20, and now it’s “culling weak miners.”
Woo defined that because the miners die, they’re dumping BTC, however the worth of the coin will see a rebound after this.
Bitcoin will solely recuperate after the purge of the degen open curiosity in futures bets, the on-chain analyst mentioned, highlighting the truth that liquidations are a should earlier than a brand new pump.
