Five days out, $85.85M back in: Spot Bitcoin ETFs flip the script 🪙

Spot Bitcoin ETFs recorded $85.85 million in net inflows on June 12, snapping a five-session withdrawal streak that had drained roughly $727 million from the funds, according to SoSoValue data. The single-day total was the largest in about four weeks, since the $131.31 million absorbed on May 14, and lifted cumulative net inflows to $53.62 billion with total net assets near $79.65 billion. Outflows had struck on June 5, 8, 9, 10, and 11, and the funds had previously shed capital for 13 straight sessions from May 15 to June 3, the longest outflow streak since the products launched in early 2024. BTC was up 1.30% over the prior 24 hours and trading at $63,750, while 24-hour volume fell 16% to $24.07 billion.

The reversal coincided with SpaceX's Nasdaq debut under the ticker SPCX. The shares were priced at $135, opened at $150, and closed near $161, raising about $75 billion at a $1.7 trillion valuation in what ranks as the largest IPO on record. Strategy Executive Chairman Michael Saylor posted on X: "Congratulations @ElonMusk and $SPCX on a historic IPO. Thanks to you, 25% of the Mag8 now holds Bitcoin on the balance sheet."

Geopolitical headlines shaped flows through the week. Bitcoin fell toward $59,000 as Middle East tensions escalated before President Donald Trump said on June 11 that he had canceled planned US strikes on Iran, citing progress toward a deal. Pakistani Prime Minister Shehbaz Sharif said on X: "We are closer to a peace deal than ever before. With finalisation likely expected in the next 24 hours, Pakistan is preparing for the electronic signing of the peace deal immediately after, followed by technical level talks next week."

On-chain activity pointed to accumulation. Onchain Lens noted a newly created wallet withdrew 328 BTC worth $20.08 million from Binance. CoinGlass data showed Bitcoin's Long/Short Ratio at 1.03, while the OI-Weighted Funding Rate turned positive at +0.0068%. Two major liquidation clusters sat at $63,029 and $64,415, with $315 million in long-leveraged positions and $305 million in short-leveraged positions built at those levels.

On the daily chart, BTC is approaching a resistance level at $63,900 that has capped the asset for the past nine trading days, with each test drawing selling pressure. A daily candle close above $64,000 would mark a break of that ceiling, while failure to clear it would risk a repeat of the recent declines. Attention now turns to the Federal Reserve's June 16-17 meeting.