ETFs
Bitcoin ETFs See Net Outflows of $65 Million on Monday, Breaking 19 Consecutive Day Record
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The 19-day streak of net inflows for U.S.-listed Bitcoin exchange-traded funds (ETFs) ended Monday with combined net outflows of $65 million.
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Grayscale’s GBTC led outflows with $40 million, continuing its trend as the worst-performing ETF in terms of outflows since going live in January.
A record 19-day streak of net inflows into U.S.-listed Bitcoin exchange-traded funds (ETFs) ended Monday, with the products seeing combined net outflows of $65 million, according to preliminary data.
Bitcoin ETF Flows (Million US Dollars) – 2024-06-10
TOTAL NET FLOW: -64.9
(Provisional data)IBIT: 6.3
FBTC: -3
BITB: 7.6
ARKB: 0
BTCO: -20.5
EZBC: 0
BRRR: -15.8
HODL: 0
BTCW: 0
GBTC: -39.5
CHALLENGE: 0For full data and disclaimers visit:https://t.co/4ISlrCgZdk
– Farside Investors (@FarsideUK) June 11, 2024
Grayscale’s GBTC led outflows among its peers to the tune of $40 million. GBTC continues its infamous streak of being the worst performing ETF in terms of outflows since going live in January, racking up a cumulative $18 billion in outflows.
Bitcoin ETFs saw net outflows on Monday. (SoSoValue)
Invesco and Galaxy Digital’s BITCO saw net outflows of $20 million. Valkyrie’s BRRR ETF saw net outflows of $16 million. Fidelity’s FBTC saw $3 million in net outflows in its first negative flow since early May, The block reported.
ETFs last reported a net outflow of $84 million on May 10, following a dismal April that saw weeks of outflows. Since then, inflows have increased and seen products add more than $4 billion in 19 trading days.
Such outflows came amid a market-wide decline in the cryptocurrency market and losses in broader stock markets. Traders on Monday warned of a volatile week as investors await the US CPI reading on Wednesday and US Treasury Secretary Janet Yellen’s speech due on Friday – which could spark a reaction in riskier assets such than cryptocurrencies.
The Fed’s monetary policy is also set to be decided at a two-day meeting of the Federal Open Market Committee (FOMC) that begins today, which could further increase market uncertainty depending on the comments.
Bitcoin is down 2.7% in the past 24 hours, reversing gains from last week when it briefly traded above a two-month high of $70,000.
CORRECTION (June 11, 10:57 UTC): Corrects the date of the FOMC meeting in the penultimate paragraph.