US spot bitcoin ETFs returned to net outflows yesterday

The 11 U.S. spot bitcoin exchange-traded funds saw total daily net outflows of $13.62 million on Tuesday, returning to negative flows after five straight days of inflows.

Grayscale’s GBTC saw net outflows of $32.38 million, followed by Bitwise’s BITB, which lost $6.76 million, according to SosoValue data.

On the other hand, BlackRock’s IBIT had $14.12 million worth of inflows, and Fidelity’s FBTC saw inflows worth $5.42 million. VanEck’s bitcoin fund recorded $3.51 million, and Ark Invest and 21Shares’ ARKB reported $2.48 million in net inflows on Tuesday.

The 11 bitcoin funds had less than $1 billion in trading volume on Tuesday, which is significantly lower than the height of March trading with a daily volume of around eight to ten billion dollars. The ETFs have accumulated a total net inflow of $14.64 billion since their January inception.

Meanwhile, the price of bitcoin dropped 3.51% in the past 24 hours to $60,876 at the time of publication, according to The Block’s bitcoin price page.

The price drop came despite a Tuesday report from Standard Chartered predicting that the top cryptocurrency could hit its all-time high in August, followed by an increase to $100,000 by the time of the U.S. presidential election in November.

However, in a “least likely” scenario of the current U.S. President Joe Biden stepping out of the election race, bitcoin prices could further drop to the range of $50,000 to $55,000, Standard Chartered forecasted.