ETFs
Bitcoin ETFs Enter Third Week of Outflows Amid Market-Wide FUD
Spot Bitcoin (BTC) Exchange-traded funds (ETFs) in the United States have entered their third week of sustained negative net flows as the BTC price falls below $60,000.
According to data provided by Farside investors, the amount of spot BTC ETF outflows reached $174.5 million on June 24. The negative net flows were primarily driven by the Grayscale Bitcoin Trust (GBTC), a trend seen during the early trading days of the investment products and recently. times.
Notably, GBTC recorded outflows totaling $90.4 million, the largest since June 11. Meanwhile, other spot Bitcoin ETFs further strengthened the cumulative negative net flow data, with no products seeing inflows yesterday. The last time this trend occurred was June 11, but the majority of ETFs were trading flat then.
This time, up to seven products saw outflows, with the Fidelity Wise Origin Bitcoin Fund (FBTC) seeing the second largest outflow at $35.2 million. The Franklin Bitcoin ETF (EZBC) came in third on the bearish metric, with $20.9 million in negative net flows.
Interestingly, BlackRock’s iShares Bitcoin Trust (IBIT) resisted the negative trend, managing to keep flows at zero on June 24. I BITE has hedged against any negative flows in the current market bloodbath. The last time the product saw a negative net flow was May 1, when it saw a net outflow of $36.9 million.
Following the latest performance, cumulative net flows into spot Bitcoin ETFs fell to $14.38 billion. Remember that this figure collapsed below the $15 billion mark on June 17 after recording $145.9 million in negative net flows. The recent data marks the seventh consecutive day of consecutive net releases of these products.
This bearish turn of events comes when Bitcoin is in trouble to combat the prevailing downward pressure. Bitcoin is up 0.8% and trading at $60,772 at the time of writing. This slight recovery effort follows a drop of 4.61% the day before.
BTC Price – June 25 | Source: Commercial View
Importantly, BTC briefly dipped below $60,000 yesterday, hitting a one-month low of $58,402 before beginning a rebound.