In the United States, the market for Spot Bitcoin (BTC) Exchange-Traded Funds (ETFs) observed a shift in momentum on July 2nd. After five days of continuous net inflows, the ETFs experienced a reversal with net outflows amounting to **$13.7 million**, marking a predominantly bearish sentiment for BTC on that day.
Farside Investors’ data indicates that these financial instruments registered a net outflow of **$13.7 million** on the second day of July. This downturn contrasts sharply with the previous day’s robust beginning, which saw a substantial **$129.5 million** influx of capital on July 1st, the most significant in almost four weeks.
The Grayscale Bitcoin Trust (GBTC) played a pivotal role in the recent downtrend, with a notable **$32.4 million** withdrawal on the same day, marking its most significant reduction since June 24th. This event followed a series of inflows over five successive days. It’s worth mentioning that the spot BTC ETFs underwent their most pronounced bearish phase from June 13th to 24th, during which they shed **$1.134 billion** in capital. This sell-off preceded a five-day streak of gains, which has now ceased.
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On July 2nd, the Bitwise Bitcoin ETF (BITB) also contributed to the negative net flow, with a withdrawal of **$6.8 million**. Meanwhile, other investment vehicles either maintained a neutral position or saw slight inflows.
The Fidelity Wise Origin Bitcoin Trust (FBTC), the VanEck Bitcoin Trust (HODL), and the Ark 21Shares Bitcoin ETF (ARKB) played a part in mitigating the overall net outflows for the day. FBTC welcomed an infusion of **$5.4 million**, while HODL and ARKB received **$3.5 million** and **$2.5 million** respectively.
Despite the prevailing downward trend, BlackRock’s iShares Bitcoin Trust (IBIT) sustained its commendable trajectory. On the previous day, IBIT recorded a positive net flow of **$14.1 million**, offsetting the absence of flows on July 1st. Notably, the last time IBIT saw a net outflow was on June 21st, marking only its third such occurrence, following net outflows of **$3.06 million** on May 7th and **$38.68 million** on May 1st.
On the price front, BTC’s value on July 3rd, as per Trading View, reflected the impact of the ETF outflows. After enjoying three consecutive days of gains, BTC’s price fell by **1.22%** on July 2nd, slipping below the **$63,000** threshold once more. With an additional decline of **2.09%** this morning, Bitcoin’s value has decreased by **3.12%** for the month of July, currently positioned at **$60,820**.
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