U.S. Spot Bitcoin ETFs See $4.5 Billion Net Outflows in June, Worst Month Since Launch

U.S. spot Bitcoin exchange-traded funds (ETFs) recorded net outflows of $4.5 billion in June, marking their worst monthly performance since their launch in January 2024. According to Odaily, Bitcoin fell 20.48% in June and hit a 21-month low of $58,190 on July 1. Citi lowered its 12-month price target for Bitcoin from $112,000 to $82,000, following a previous reduction from $143,000 on March 17. The bank also cut its 12-month price target for Ethereum from $3,175 to $2,240. Strategy sold 32 Bitcoin between May 26 and May 31, valued at approximately $2.5 million, its first sale since December 2022. As of May 31, the company held 843,706 Bitcoin, and its board has approved a framework to sell up to $1.25 billion worth of Bitcoin. Open interest in leveraged Bitcoin futures fell from around $31.3 billion around May 30 to approximately $21.6 billion in early June. Over a two-week period, major holders added more than 270,000 Bitcoin.