Bitcoin ETFs Experience Major Outflows
Bitcoin ETFs have snapped a 12-day inflow streak, witnessing net outflows of $78 million on Tuesday. Leading the outflow was Bitwise’s BITB, which saw a significant withdrawal of $70 million, followed closely by Ark’s ARKB at $52 million and Grayscale’s GBTC at $27 million. Interestingly, BlackRock’s IBIT was the only product to experience inflows, totaling $72 million, bringing its net assets under management to over $22 billion for the first time.
Market Sentiment and Future Expectations
Despite the outflows, Bitcoin (BTC) prices have held steady above $66,000, with only a slight decrease of 0.5% in the last 24 hours. The broader CoinDesk 20 (CD20) index, which includes major tokens excluding stablecoins, saw a loss of 0.6%. Traders are anticipating a period of subdued price action until U.S. presidential candidates provide commentary on cryptocurrency regulations.
Alice Liu, research lead at CoinMarketCap, noted, "The market is in 'wait and see' mode ahead of Trump’s speech at the Nashville Conference on July 25th. There’s speculation he might announce the use of BTC in national reserves, which could lead to a parabolic rise in Bitcoin's price."
Broader Market Context
Additionally, ether (ETH) ETFs launched recently, achieving $107 million in net inflows as trading volume surpassed $1 billion. However, the market remains cautious due to potential selling pressures from the U.S. Government and Mt. Gox concerns. QCP Capital suggested that prices may stay subdued until momentum builds leading up to the elections.
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