US Spot Bitcoin ETFs See $20 Million in Outflows Amidst Market Uncertainty

The US spot bitcoin ETF market experienced a net outflow of $20.45 million on Wednesday, July 3rd, 2024. This downturn was primarily driven by Grayscale's GBTC, which saw a significant outflow of $26.99 million, partially offset by Fidelity's FBTC with an inflow of $6.55 million. Notably, nine funds, including BlackRock's IBIT, recorded zero flows. The total trading volume for these ETFs on Wednesday was $800 million, lower than the previous day's volume of $995 million. However, the ETFs have accumulated a total net inflow of $14.62 billion since their inception in January. This news comes amidst concerns regarding the potential impact of Mt. Gox payouts on the Bitcoin market and uncertainties in the US economy. The price of Bitcoin dropped by 3% in the past 24 hours, reaching $58,903 at the time of publication. Meanwhile, US issuers are awaiting the SEC's decision on spot Ethereum ETFs, with Bloomberg ETF analyst James Seyffart predicting a possible listing later next week or the week of July 15th.