Bitcoin Spot ETFs See Net Outflows After 19 Consecutive Days of Inflows
Bitcoin spot exchange-traded funds (ETFs) have experienced their first net outflows in nearly a month.
According to Farside Investors, a total of 11 U.S. spot Bitcoin ETFs collectively witnessed a net outflow of $64.9 million, which comes after a remarkable streak of 19 consecutive days of net inflows.
Among the Bitcoin spot ETFs, the Grayscale Bitcoin Trust (GBTC) stood out with the largest net outflow of $39.5 million.
Following closely behind was the Invesco Galaxy Bitcoin ETF (BTCO) with $20.5 million in net outflows.
The Fidelity Wise Origin Bitcoin Fund (FBTC) also experienced a minor outflow of $3 million.
On the other hand, Bitwise and BlackRock’s ETFs saw modest inflows of $7.6 million and $6.3 million, respectively.
The outflows from the ETFs coincided with a decline in the price of Bitcoin.
Over the past 12 hours, Bitcoin’s value dropped from just above $70,000 to below $68,000, resulting in $170 million in liquidations and exerting downward pressure on the entire cryptocurrency market.
On June 10, the total net outflow of Bitcoin spot ETFs was $64.9318 million, the first net outflow after 19 consecutive days of net inflows. Grayscale ETF GBTC had a single-day outflow of $39.5366 million, Bitwise ETF BITB had a inflow of $7.5910 million, and BlackRock ETF IBIT…
— Wu Blockchain (@WuBlockchain) June 11, 2024
In the preceding week, BTC spot ETFs had consistently observed strong inflows, with net inflows recorded on each trading day.
The total net inflow for the week amounted to approximately $1.83 billion, reaching levels of demand not seen since early March, Matteo Greco, a research analyst at digital asset investment firm Fineqia International, said in a recent note.
The cumulative net inflow since the inception of these
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