Bitcoin spot ETFs saw first net outflow in over 19 trading days, BTC crashes below $67.5k 

The current trade price of Bitcoin (BTC) is 67,647 & this price significantly plummeted from $70,185. Net trade price crashed by nearly 4%.

The trade price of Bitcoin dropped to its lowest point in a week before U.S. inflation data and a Fed meeting on Tuesday. It means people are already expecting that they will get bearish news for Bitcoin soon.

Meanwhile, the U.S. Bitcoin spot ETFs saw their first net outflow in over 19 trading days. 

In particular, the Grayscale Bitcoin Trust (GBTC) saw the largest net outflow at $39.5 million, followed by the Invesco Galaxy Bitcoin ETF (BTCO) with $20.5 million, and a smaller outflow of $3 million from the Fidelity Wise Origin Bitcoin Fund (FBTC).

Last day, the net outflow of money outflow from the BTC ETF market was $64.9318 million. 

Popular Crypto influencer Lark Davis noted that currently, 1 million Bitcoins are in the bag of Bitcoin spot ETF issuers globally. In short 34 BTC spot ETF issuers hold 5% of the total supply of Bitcoin. 

Davis said that these ETF issuers could control 10-20% during the bull run. This potential increase in ETF holdings could lead to a significant supply shock, impacting Bitcoin’s trade price. He suggested Bitcoin investors remain ready for this change.

Increasing Bitcoin spot ETF adoption 

According to many reports, the majority of the private & public funds in the US are in the due diligence process, so that they can include Bitcoin in their investment portfolio.

Read also: Elon Musk says he will ban Apple smartphones from his companies