Bitcoin ETF

Bitcoin

when

Change

BlackRock

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin ETFs have experienced 19 consecutive days of inflows, led by BlackRock Bitcoin ETF.</li>
 <li>Despite this, a recent increase in outflows suggests a potential decline in Bitcoin’s price.</li>
</ul>
<p>Bitcoin ETFs, including the BlackRock Bitcoin ETF, have seen a continuous inflow for 19 consecutive days, following a period of significant outflows. These inflows have amounted to nearly $3 billion in recent weeks.</p>
<p>However, on June 10th, the trend appeared to shift. While BlackRock reported an inflow of $6.34 million and Bitwise’s IBIT saw $7.59 million, Grayscale’s GBTC experienced an outflow of $39.53 million. This resulted in the total outflow surpassing the inflow.</p>
<h2 id="understanding-bitcoin-etfs">Understanding Bitcoin ETFs</h2>
<p>A Bitcoin ETF differs from <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> in that you don’t need to own the cryptocurrency to invest. Instead, investors gain exposure to the cryptocurrency, with the price impacting the Net Asset Value of the ETF.</p>
<p>During Q1 of 2024, Bitcoin ETFs, led by BlackRock, saw billions of dollars in inflows on numerous days. This influx of investments led to a rally in the cryptocurrency’s price, reaching an all-time high in March. However, when the money stopped flowing in, Bitcoin’s price dipped below $60,000.</p>
<h2 id="impact-of-outflows-on-bitcoin-s-price">Impact of Outflows on Bitcoin’s Price</h2>
<p>With the recent increase in outflows, Bitcoin’s price may be heading for a decline. At the time of writing, BTC was trading at $67,539, representing a 2.63% decrease in the last 24 hours.</p>
<p>Santiment reports that Bitcoin’s total supply in profit has also decreased. If the cryptocurrency’s price continues to drop, the supply in profit is likely to follow suit. However, this could provide an opportunity for market participants to purchase Bitcoin at a lower price.</p>
<p>If buying pressure increases, Bitcoin could potentially rebound to $70,000 in the short term. Conversely, if selling pressure persists, the price could drop to $65,000.</p>
<p>According to Glassnode, Bitcoin’s Hodler Net Position Change was -107.211 BTC, indicating that long-term holders have been cashing out. This could lead to a further decrease in Bitcoin’s price unless there is significant accumulation.</p>

Is BlackRock Bitcoin ETF’s Slowdown Affecting BTC Prices?

Table of Contents

CoinEagle.com

Other articles published on Jun 12, 2024

New Memecoin Free Andrew Tate to Explode 17,000% Before KuCoin Listing, as Shiba Inu, Bonk and Do...

After 100 Days of Consolidation, Bitcoin (BTC) Price Ready to Hit $74,000, Will Jerome Powell Sav...

FOMC Meeting & CPI Report: Potential Impact on Bitcoin’s Upcoming Trajectory

2024 Crypto Power Players: BlockDAG On Bull Run Alongside Bitcoin & Beyond

We Asked ChatGPT-4o for 3 Cryptocurrencies That Will Perform Better Than Shiba Inu (SHIB) in June...

Jeo Boden Price Soars 15% After Hunter Biden Guilty Verdict As Analysts Say This Casino Token Mig...

Join our free newsletter for daily crypto updates!