BTC Could Slip Below $63k Despite Spot Bitcoin ETFs Reporting $202 Million in Net Inflows

TL;DR

• BTC is trading around $63,100, down 1% in the last 24 hours.

• The bearish performance comes despite spot Bitcoin ETFs recording the eighth day of inflows.

BTC Dips 1% Despite Net ETF Inflows

The cryptocurrency market started the week in a bearish mode, with Bitcoin and other major cryptocurrencies currently in the red zone. Bitcoin, the leading cryptocurrency by market cap, is down more than 1% in the last 24 hours.

At press time, Bitcoin is trading at $63,089 per coin and could drop below the $63k zone soon if the bearish performance continues. This comes despite spot Bitcoin ETFs in the United States maintaining their positive run.

Data obtained from SoSoValue revealed that U.S. spot bitcoin exchange-traded funds saw $202.51 million in total daily net inflows on Monday, marking their eighth consecutive day of positive flows.

As usual, BlackRock’s IBIT led the pack, totaling $224.06 million, its most significant daily inflows since July 22. Meanwhile, Franklin Templeton’s EZBC recorded $5.52 million, and WisdomTree’s BTCW logged $5 million in net inflows.

On the other hand, Bitwise’s BITB recorded outflows of $16.61 million. It is closely followed by $8.33 million from Fidelity’s FBTC, while VanEck’s HODL also saw $7.18 million move out of the fund. However, the remaining six other funds, including Grayscale’s GBTC, experienced zero flows on Monday.

Bitcoin’s poor performance also affected altcoins, with Ether dropping below $2,700 after losing 1.7% of its value. TON is the worst performer amongst the top 10 cryptocurrencies by market cap, losing 5% of its value over the last 24 hours.