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Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K

Spot Bitcoin exchange-traded funds (ETFs) in the United States have seen positive net inflows for the second consecutive day.

Yesterday, spot Bitcoin ETFs recorded $21.52 million in net inflows, extending a streak of positivity that started on Tuesday.

Data from SoSoValue shows that the largest net inflows of the day were seen in Fidelity’s FBTC, which garnered $19 million.

Grayscale’s GBTC Sees Inflows

Grayscale’s GBTC also saw net inflows of $4 million, marking its first positive flow since June 5. In addition, VanEck recorded $3 million worth of inflows on Wednesday.

However, not all funds experienced positive flows.

Ark Invest and 21Shares’ ARKB were the only ones to record net outflows, totaling $5 million. Other funds, including BlackRock, Bitwise, and Valkyrie, saw no net flows during this period.

Since their debut in January, spot Bitcoin ETFs have accumulated a cumulative total of $14.44 billion in net inflows, underscoring the increasing popularity of these investment vehicles.

Meanwhile, the price of Bitcoin, which dropped as low as $59,021.42 on Monday for the first time since May 3, managed to maintain a key level above the $60,000 mark.

At the time of writing, BTC is trading at $60,633, showing a decline of 1.5% over the past day. Over the past week, the leading cryptocurrency has fallen by nearly 11%.

Last week, CryptoQuant suggested that Bitcoin’s lack of bullish momentum might lead it to regress back to the $60,000 level after breaking below the crucial support at $65,800.

On-chain data indicated that traders have been decreasing their holdings since Bitcoin peaked at $70,000 in late May and have not yet resumed buying.

Over the month, Bitcoin has experienced a decline of nearly 10%.

While it briefly reached the $71,000 level at the beginning of June, it has since been steadily declining.

Since mid-March, Bitcoin has predominantly traded within the narrow range of $60,000 to $70,000 after achieving its all-time high of $73,797.68.

Digital Asset Products See $584M in Outflows for the Week

CoinShares, a firm specializing in crypto assets, reported that crypto investment products faced a second consecutive week of outflows.

Overall, digital asset investment products saw outflows totaling $584 million during this period. The cautious sentiment among investors regarding potential Federal Reserve interest rate cuts is seen as a significant factor contributing to this trend.

Last week also marked the lowest trading volumes for Exchange-Traded Products (ETPs) globally since the launch of U.S. ETFs in January, with only $6.9 billion traded throughout the entire week.

Meanwhile, U.S. issuers are actively progressing towards launching spot Ethereum ETFs following tentative approval from the Securities and Exchange Commission (SEC) last month.

According to a recent Reuters report, spot Ethereum ETFs could potentially receive SEC approval by July 4 pending finalization of discussions between investment firms and regulators.

SEC Chair Gary Gensler indicated at a Bloomberg conference on June 25 that the approval process is advancing smoothly. He emphasized the importance of comprehensive disclosure in registration statements by asset managers, a requirement for ETF approval.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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