Institutional inflows held Bitcoin close to its all-time high in June while the market saw pressure from different sides.
June started with a few outflows from the US-based spot Bitcoin BTC $71 599 24h volatility: 4.0% Market cap: $1.43 T Vol. 24h: $53.03 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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