ETFs
US Bitcoin Spot ETFs End Record 19-Day Inflow Streak After $65 Million Outflow
US Bitcoin Spot ETFs End Record 19-Day Inflow Streak After $65 Million Outflow
11th place in the United States Bitcoin Exchange-traded funds (ETFs) saw a net outflow of $64.93 million on Monday. This marked the end of a historic 19-day streak of capital inflows that had seen consistent daily investment. Grayscale’s GBTC led the outflows this week, with investors withdrawing $40 million. This trend has been reflected in other funds; Invesco and Galaxy Digital’s BTCO saw net outflows of $20 million, while Valkyrie’s Bitcoin ETF reported $16 million in redemptions. Fidelity’s FBTC, which had been enjoying positive flows since May 2, recorded $3 million in net outflows.
Despite the general trend, not all funds experienced redemptions. BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, saw net inflows of $6 million. Likewise, Bitwise’s BITB recorded $8 million in new investments, indicating continued confidence in the market. The record streak of 19 consecutive days of inflows ended last Friday, amassing over $4 billion in net inflows. Since their launch in January, the 11 spot bitcoin ETFs have collectively attracted $15.62 billion in net investments.
The recent capital outflows come amid a decline in the price of Bitcoin, which fell following the release of conflicting data on non-farm payrolls and unemployment in the United States. Mixed economic signals have created uncertainty, prompting investors to shy away from riskier assets, as noted by crypto trading firm QCP Capital. The CME Group projects a 99.4% probability that the Federal Reserve will maintain the current interest rate of 5.25% to 5.50%.
While Bitcoin ETFs have attracted considerable attention, the U.S. spot Ethereum ETF issuers are also awaiting comments from the Securities and Exchange Commission (SEC) on their S-1 registration statements, which were submitted late last month. Approval of these forms is required for the official launch of spot ether ETFs.