Bitcoin ETFs’ 12-Day Highs Streak Is Broken

Bitcoin (BTC) exchange-traded funds (ETFs) snapped a 12-day inflow streak as investors pulled a net $78 million from U.S.-listed products, according to SoSoValue data.

Bitwise’s BITB led the way with net outflows of $70 million, followed by Ark’s ARKB with $52 million and Grayscale’s GBTC with $27 million. BlackRock’s IBIT was the only product with net inflows of $72 million, pushing net assets under management above $22 billion for the first time.

The development came as ether (ETH) ETFs went live. The trading volume of Ether ETFs exceeded $1 billion, generating a net inflow of $107 million.

Despite the outflows, BTC prices have remained stable above $66,000, down just over 0.5% in the past 24 hours. The CoinDesk 20 (CD20) Index has lost 0.6% in the same period.

Investors believe that the current lull in price action may continue until there is a statement from the US presidential candidates on cryptocurrency regulation.

“The market is still waiting for a few key catalysts to play out,” said Alice Liu, head of research at CoinMarketCap. “The market is in a wait-and-see mode ahead of Trump’s speech at the Nashville Conference on July 25, where he is expected to make a statement on whether BTC can be used in national reserves.”

According to Liu, if a positive announcement is made, “a parabolic increase in Bitcoin’s price could be triggered.”

Singapore-based QCP Capital says prices could remain low until the election “due to potential selling pressure from the US government and Mt Gox.”