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Spot Bitcoin ETFs Witness $226M in Outflows, Marking Third Consecutive Day of Exodus

Bitcoin exchange-traded funds (ETFs) listed in the United States saw significant net outflows exceeding $226 million on Thursday, marking the third consecutive day of withdrawals.

According to preliminary data from SoSoValue, Fidelity’s FBTC led the outflows with $106 million withdrawn. Grayscale’s GBTC followed with $62 million outflow, while Ark Invest’s ARKB experienced $53 million being pulled out.

In contrast, BlackRock’s IBIT was the sole ETF to report a net inflow, gaining $18 million. ETFs from Valkyrie, Franklin Templeton, Hashdex, and WisdomTree showed negligible activity with no notable inflows or outflows.

This pattern mirrors the outflow trend observed at the end of April.

Spot Bitcoin ETFs See Mix of Inflows and Outflows

Throughout the week, U.S.-listed Bitcoin ETFs experienced a mix of inflows and outflows.

Wednesday stood out as the only day with a net inflow of $100 million into these products.

This activity occurred amidst a volatile week for Bitcoin and the wider cryptocurrency market, centered around Wednesday’s pivotal U.S. inflation report and Federal Reserve meeting.

The recent outflows have amounted to a total net withdrawal of $564 million from Bitcoin ETFs over the past three days.

While this figure is significant, it represents about half the amount withdrawn in the final six days of April, totaling $1.2 billion.

Following lower-than-expected U.S. inflation figures, the price of Bitcoin briefly surged from $68,000 to $70,000.

However, it promptly fell back below $67,000 as traders likely capitalized on the price movement to take profits.

Bitcoin Could Hit $1M in 10 Years

Analysts at Bernstein foresee Bitcoin potentially reaching $1 million by 2033, with an anticipated peak of $200,000 by 2025. This projection coincides with Bernstein’s coverage initiation of MicroStrategy, the prominent software developer and leading corporate Bitcoin holder.

Bernstein’s bullish price forecast for Bitcoin is underpinned by unprecedented demand from spot ETFs and the cryptocurrency’s constrained supply. The analysts have revised their 2025 estimate upward from $150,000 and now project Bitcoin could achieve $500,000 by 2029.

In a similar vein, QCP Capital has expressed optimism about market sentiment, highlighting various factors including CPI results that suggest a potentially bullish outlook for the market.

In May, the U.S. Consumer Price Index (CPI) surprised economists by remaining unchanged, defying expectations of a 0.1% increase and marking a decline from April’s 0.3% growth.

On a year-over-year basis, CPI increased by 3.3%, slightly lower than both analysts’ forecasts and April’s 3.4% reading.

The core CPI, which excludes volatile food and energy prices, saw a 0.2% uptick in May, surpassing expectations of a 0.3% rise and exceeding April’s 0.3% growth.

Year-over-year, the core CPI rose by 3.4%, slightly below the expected 3.5% and April’s 3.6% figure.

The subdued inflation figures are viewed positively for Bitcoin, especially following previous concerns about rising inflation that had contributed to declines in BTC prices.

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I want to save money. Will cryptocurrency work?

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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