- Spot Bitcoin ETFs ended up at a Monday net outflow of $174 million
- Grayscale’s Bitcoin ETF was the biggest decliner, down $90 million
- Bitcoin prices retreated under the $60,000 threshold for a brief period
Spot BTC ETFs Start on Weak Note
Spot Bitcoin exchange-traded funds, the investment vehicles that hold genuine Bitcoin, retreated to start the trading week. The 11 approved ETFs siphoned a total of $174 million in net outflows, i.e., the amount of money leaving the funds after the amount of money that has arrived.
In other words, more people sold their assets than those who bought in as a broad-based market slump came upon the industry. Spot Bitcoin ETFs are among the quickest and most convenient ways for ordinary people to acquire Bitcoin. They are also a safe gateway for professional money managers who want to add a novel asset class to their existing portfolio of stocks, bonds, and currencies.
That’s why spot Bitcoin ETFs play such an important role in global markets. The approval of the investment vehicles lowered the barrier to entry, allowing everyone who wants to own a piece to do so without needing to know complex blockchain processes.
Bitcoin Staring at 11% June Loss
While it may have been a drawdown day yesterday, analysts are optimistic that the year’s second half will be positive. To this end, Bitcoin prices aim to wrap up a losing month. On Monday, the price of Bitcoin slipped under the $60,000 threshold before bargain-hungry investors took advantage and scooped up some discounted tokens.
Still, Bitcoin was lower by about 11% for June, going from an opening price of just around $69,000 to current market prices of $61,000 per coin.