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U.S. Bitcoin (CRYPTO: BTC) spot exchange-traded funds (ETFs) experienced a significant shift in sentiment over the past two days, with a total net outflow of $200 million recorded on June 11.
What Happened: This marks the second consecutive day of outflows, following a record-breaking 19-day streak of net inflows.
The outflows were primarily driven by Grayscale’s Bitcoin Trust (OTC:GBTC), which saw a single-day outflow of $121 million, according to data from SoSo Value.
This continues a trend for GBTC, which has seen the highest cumulative outflows of any Bitcoin spot ETF since its launch in January.
As a result of these recent outflows, the total net asset value of all U.S. Bitcoin spot ETFs has dipped below $60 billion, currently sitting at $59.227 billion.
The timing of these outflows coincides with heightened market scrutiny and regulatory developments in the cryptocurrency sector.
Also Read: Dogecoin, Shiba Inu Continue To Drive High Trading Volume, Report Finds
An Ernst & Young staff member from Hong Kong highlighted that while mainstream brokerage firms are actively distributing Hong Kong cryptocurrency spot ETFs, no banks have yet listed these financial products.
The delay is attributed to pending approvals from regulatory bodies or internal evaluations within the banks.
Bitcoin has recouped some of Tuesday’s losses and is currently trading around $67,700, up 1% over the past 24 hours. The crypto market is awaiting the FOMC interest rate decision on Wednesday as a bellwether for future price action.
As the market navigates these turbulent waters, stakeholders are keenly anticipating insights and discussions from industry leaders at Benzinga’s Future of Digital Assets event, scheduled for Nov. 19.
This event is expected to shed light on the future trajectory of digital assets and offer a platform for addressing the challenges and opportunities in the cryptocurrency space.
Read Next: Donald Trump Opens 21-Point Lead In 2024 Presidential Race, According To Crypto Bettors
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