Institutional inflows held Bitcoin close to its all-time high in June while the market saw pressure from different sides.
By Wahid Pessarlay
Editor Julia Sakovich
Updated
2 mins read
June started with a few outflows from the US-based spot Bitcoin BTC $106 454 24h volatility: 1.1% Market cap: $2.12 T Vol. 24h: $22.69 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.
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.
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.
