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Key Notes
- BlackRock’s IBIT is worth more than $52 billion thanks to the June inflows.
- Grayscale’s GBTC recorded its lowest monthly outflows.
- The broader crypto is still consolidating and waiting for Bitcoin to make a move.
June started with a few outflows from the US-based spot Bitcoin
BTC
$106 687
24h volatility:
0.9%
Market cap:
$2.12 T
Vol. 24h:
$22.05 B
exchange-traded funds, but soon the tides shifted, getting the cumulative net inflows close to $49 billion.
According to data from SoSoValue, spot BTC ETFs recorded a net inflow of $4.60 billion, with the monthly trading volume reaching $60 billion, in June.
BlackRock’s IBIT fund brought the majority of the inflows, worth $3.85 billion. This pushed the ETF’s cumulative net inflow to $54.42 billion, and its net assets are currently worth $75 billion.
IBIT’s largest monthly inflow, worth $6.20 billion, happened in March 2024.
Grayscale’s GBTC, known for its strong selloff, saw a net outflow of $34.8 million in June, the lowest since its launch in January last year. GBTC’s largest sale, worth $6.36 billion, was recorded in March 2024.
The fall in GBTC’s outflow suggests that the reallocation of funds from investors might be coming to an end. Subsequently, these investment products might start seeing a steadier demand and inflows.
Holding the Ropes
The crypto market witnessed bearish pressure from different sides.
The Iran-Israel conflict triggered deep selling pressure before mid-June. Rumors of a Bitcoin selloff by Michael Saylor’s Strategy circulated within the crypto community. Altcoins were bleeding as the digital gold’s market dominance surpassed 65%.
Despite all this, spot BTC ETFs continued to have consistent inflows since June 6, holding as the last line of defense while broadcasting the demand for Bitcoin-related products.
While Bitcoin’s market dominance cooled down to 64.6%, its price remains strong around the $107,000 mark.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
Wahid Pessarlay on X
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
Enroll now and gain industry-standard knowledge: Enroll Now!
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