U.S. Spot Bitcoin ETFs Post $4.5B Net Outflows in June, Worst Month Since January Launch
AI Market Summary
June saw U.S. spot Bitcoin ETFs post $4.5B net outflows, the worst month since January'2024 launch, alongside a ~20% BTC drawdown and reduced leveraged futures open interest, signaling risk-off positioning and weaker marginal demand. Citi's downward revisions to BTC and ETH targets add to negative narrative pressure. Strategy's first BTC sale since 2022 and board authorization for up to $1.25B of sales increases perceived supply overhang, despite whale accumulation.
Impact level
● High
Affected assets
BTC/USDT+0.22%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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Odaily Planet Daily reports that U.S. spot Bitcoin ETFs saw net outflows of $4.5 billion in June, their weakest monthly showing since debuting in January 2024. Bitcoin dropped 20.48% over the month and slid to a 21-month low of $58,190 on July 1.
Citigroup cut its 12-month Bitcoin price target to $82,000 from $112,000, after previously reducing it from $143,000 on March 17. The bank also lowered its 12-month Ethereum target to $2,240 from $3,175.
Strategy sold 32 BTC between May 26 and May 31, worth about $2.5 million, marking its first Bitcoin sale since December 2022. As of May 31, Strategy held 843,706 BTC, and its board has approved a framework that allows up to $1.25 billion of Bitcoin sales.
Open interest in leveraged Bitcoin futures fell from roughly $31.3 billion around May 30 to about $21.6 billion at the start of June. Over the past two weeks, major holders increased their Bitcoin positions by more than 270,000 BTC.
