ETFs
Bitcoin ETFs See Strong Outflow of $226.2 Million Amid ETH ETF News
After a successful Wednesday, spot Bitcoin ETFs experienced another significant slowdown yesterday. According to Farside data, capital outflows on June 13 totaled $226.2 million, in stark contrast to the $100.8 million recorded on June 12.
Fidelity’s FBTC led the outflows with $106.4 million. This is the highest outflow FBTC has seen in the past month and a clear trend reversal from the $50.6 million inflow recorded on June 12. Grayscale’s GBTC ranked second with $61.5 million in releases, followed by ARKB’s $52.7 million release. Only BlackRock’s IBIT saw capital inflows yesterday, totaling $18.2 million.
Table showing inflows and outflows of spot Bitcoin ETFs in the United States from May 27 to June 13, 2024 (Source: Distant investors)
This continues the 44-day streak of continuous entries to the IBIT. IBIT’s entry record has only broken its record since its launch. On May 1, IBIT recorded $36.9 million in outflows.
The massive gap between Wednesday’s entries and yesterday’s exits could, at least in part, be attributed to volatility in the overall market. This volatility was the result of latest news coming from the SEC, which said the first Ethereum spot ETFs would be approved this summer.
Although market analysts doubt that ETH ETFs will attract the same institutional attention, the new product would undoubtedly draw some volume from the Bitcoin ETF. The fact that the Bitcoin ETF market has so far reacted with significant outflows following rumors and news regarding ETH ETFs further confirms this.