ETFs
US Bitcoin Spot ETFs See Net Outflow of $226M on June 13
In the world of cryptocurrency investing, 11 spot Bitcoin exchange-traded funds (ETFs) in the United States saw a substantial total net outflow of $226.21 million.
According to SoSoValue dataFidelity’s FBTC lost $106 million, its second day of net outflow since inception, while Grayscale and Ark Invest’s GBTC and 21Shares’ ARKB saw net outflows of $62 million and $53 million. dollars, respectively.
Bitcoin ETF Chart – Source: SoSoValue
Bitwise and VanEck saw net outflows of around $10 million each, Galaxy Digital’s Invesco and BTCO faced $3 million in net outflows, and BlackRock’s IBIT, the largest bitcoin fund in the cash in terms of net asset value, received an inflow of $18 million on June 13.
Since listing in January, the 11 U.S. spot bitcoin ETFs have amassed a total net inflow of $15.30 billion, but the price of bitcoin is down 1.48% over the past 24 hours, to $66,704. .
In other ETF news, Securities and Exchange Commission Chairman Gary Gensler hinted at a potential ruling on spot ether funds “sometime” this summer. The SEC granted preliminary approval of spot ether ETF applications last month, pending the green light on their S-1 registration statements for an official launch.
JPMorgan analysts predict that spot ether funds will begin trading before November of this year, potentially capturing up to 20% of the current investments flowing into Bitcoin spot ETFs.
Institutional investors are expressing concerns about the appeal of spot ether funds as issuers remove staking components from ETFs due to regulatory uncertainty, which could deter institutional interest, noted crypto derivatives trader Gordon Grant.
Substantial net outflows from several U.S. spot Bitcoin ETFs, coupled with BlackRock’s IBIT receiving a notable inflow, indicate mixed sentiment among investors toward cryptocurrency investments, reflecting volatility and l current market uncertainty.
Read also: Institutional Cash-and-Carry Boosts US Bitcoin ETFs, Says Glassnode