Bitcoin (CRYPTO: BTC) around $62,000 is sitting directly on the 200-week moving average, a level that only broke during the FTX, Terra, and Three Arrows Capital collapses in 2022.
ETF Outflows Finally Printed One Green Day After $5B Exit
After four weeks of relentless selling that drained ETF net assets from $109 billion to $80.40 billion, June 4 printed a modest $3.05 million net inflow.
BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) led with $47.66 million in inflows, offset by continued bleeding from Fidelity’s FBTC (NASDAQ:FBTC) at $5.54 million, Bitwise’s Bitcoin ETF (NYSE:BITB) at $15.57 million, and ARK 21Shares Bitcoin ETF (CBOE: ARKB) at $20.72 million.
One green day does not reverse weeks of institutional distribution. The long/short ratio sits at a nearly neutral 1.01 with open interest declining 2.99% to $46.44 billion, suggesting leveraged players are stepping back rather than committing directionally.
