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CoinShares analyst James Butterfill stated that a “real correction” has begun after a total net outflow of $544.1 million from US spot Bitcoin ETFs last week. Butterfill stated that these outflows were due to investors’ pessimism about the FED’s interest rate cuts this year.
US spot Bitcoin exchange-traded funds experienced net outflows of $544.1 million last week, with total outflows exceeding $1.1 billion over the past two weeks. On a global scale, digital asset investment products experienced a total outflow of $584 million for the second week in a row. Exchange-traded products reached their lowest trading volumes since the launch of US spot Bitcoin ETFs in January, with just $6.9 billion in trading volume recorded.
According to the latest report from CoinShares, US-based crypto investment products experienced the largest net outflows last week, recording a total net outflow of $475 million. Significant net outflows were also seen in Canada, Germany and Hong Kong. However, funds based in Brazil and Switzerland received net inflows of $48.5 million and $39 million, respectively.
Given the size of the spot Bitcoin ETF market, Bitcoin was naturally the focus. Despite the negative sentiment, investors did not add to their short positions and short Bitcoin products saw a net outflow of $1.2 million.
Ethereum-based investment products also experienced a net outflow of $58 million worldwide last week. However, Solana, Litecoin, and Polygon-based products bucked the trend, gaining net inflows of $2.7 million, $1.3 million, and $1 million, respectively, indicating that investors are viewing weakness in the altcoin market as a buying opportunity.
Bitcoin is currently trading at $61,349 according to The Block’s Bitcoin price page. The largest cryptocurrency in terms of market value lost 4.5% in the last 24 hours. Mt. Gox Rehabilitation Trustee’s statement on Monday confirmed that approximately $9 billion worth of Bitcoin and Bitcoin Cash refunds will begin in July, which was effective in this decline.
Meanwhile, the GMCI 30 index, which represents the top 30 cryptocurrencies, is at 124.81, down 4% in the last 24 hours.
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