The streak of continuous inflows into spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. has finally come to an end after four weeks of growth. Farside Investors reported that on June 10, there was a significant net outflow of $64.9 million from spot BTC ETFs in the U.S., breaking their winning streak. The majority of these outflows were from the Grayscale Bitcoin Trust (GBTC), which experienced $39.5 million in outflows.
Other ETFs such as the Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR), and Fidelity Wise Origin Bitcoin Fund (FBTC) also saw notable outflows of $20.5 million, $15.8 million, and $3 million, respectively. In contrast, only Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) received inflows of $7.6 million and $6.3 million.
Despite the recent outflows, the total net inflows into spot BTC ETFs in the U.S. have exceeded $15.6 billion, with over $4 billion in net inflows recorded between May 13 and June 7. The bearish sentiment in the market is attributed to investor caution leading up to the release of U.S. CPI data on June 12. Last month, the CPI met expectations at 3.4%, resulting in a bullish market sentiment.
As a result, the global crypto market capitalization has dropped by 2.8% in the last 24 hours, reaching $2.59 trillion, as reported by CoinGecko. Bitcoin has fallen to $67,600, while Ethereum (ETH) is approaching the $3,500 mark. Currently, 94 of the top 100 cryptocurrencies are trading in the red zone.
For more information, you can read about the decline in Bitcoin and Ethereum exchange balances, which have reached a 4-year low.