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Spot Bitcoin exchange-traded funds (ETFs) in the United States returned to negative flows on July 2, snapping a five-day net inflow streak.

Data from SoSoValue shows that the 11 Bitcoin funds saw total daily net outflows of $13.62 million, the majority of which is attributed to the $32.38 million negative flows of the Grayscale Bitcoin Trust (GBTC). The Bitwise Bitcoin ETF (BITB) also recorded net outflows of approximately $6.76 million on the day.

Meanwhile, four spot Bitcoin ETFs witnessed net inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the pack with $14.12 million, followed by Fidelity’s FBTC with $5.42 million. The VanEck Bitcoin Trust (HODL) and Ark Invest and 21Shares’s ARKB also saw substantial inflows of $3.51 million and $2.48 million, respectively.

Despite accumulating a total net inflow of $14.64 billion since their January launch, trading volumes for the 11 Bitcoin funds dipped to $995.83 million on Tuesday. This marks a significant decline from the peak trading activity observed in March when daily volumes reached eight to ten billion dollars.

Bitcoin loses late June gains

Bitcoin lost its late June gains, with its price dropping 4.1% in the last 24 hours to above $60,000, per CoinGecko data at the time of writing. 

The price decline comes despite a Standard Chartered report on July 2, suggesting that the leading cryptocurrency could reach its all-time high in August, followed by a climb to $100,000 by the time of the U.S. presidential election in November.

However, some analysts remain hopeful that Bitcoin, along with Ether, could have a strong performance in July, citing historical trends favoring gains during this month.