Bitcoin ETFs break 5day streak of inflows witness significant 13 million net outflows
Bitcoin (BTC) ETFs in the United States saw a break in their streak of net inflows on July 2, with a total of $13.7 million in net outflows on a bearish day for BTC.
According to data from Farside Investors, these investment products experienced $13.7 million in negative net flows on July 2, following a strong start to the month with $129.5 million in capital inflows on July 1, the highest in nearly a month.
The recent bearish trend can be attributed to the disappointing performance of the Grayscale Bitcoin Trust (GBTC), which saw a net outflow of $32.4 million on July 2, its largest outflow since June 24.
Furthermore, the cumulative net outflow comes after five consecutive days of inflows. Spot BTC ETFs went through a particularly bearish period from June 13 to 24, losing $1.134 billion in capital. This led to a five-day winning streak, which has now come to an end.
The Bitwise Bitcoin ETF (BITB) also contributed to the negative net flow on July 2, recording $6.8 million in net outflows. Other investment products either saw zero flows or experienced mild inflows.
However, the Fidelity Wise Origin Bitcoin Trust (FBTC), the VanEck Bitcoin Trust (HODL), and the Ark 21Shares Bitcoin ETF (ARKB) helped to offset the net outflow for the day. FBTC received inflows of $5.4 million, while HODL and ARKB recorded $3.5 million and $2.5 million in net inflows, respectively.
Despite the bearish trend, the iShares Bitcoin Trust (IBIT) from BlackRock maintained its impressive performance, seeing $14.1 million in positive net flows on July 2, compensating for the zero flows recorded on July 1.
Notably, IBIT last experienced a net outflow on June 21, which was only the third negative flow for the product, following a $3.06 million net outflow on May 7 and $38.68 million on May 1.
The ETF outflows on July 2 coincided with a resumption of BTC selling pressure. After three days of persistent gains, BTC dropped 1.22% on July 2, falling below the $63,000 mark again. With a subsequent 2.09% decline on the following day, Bitcoin is now down 3.12% in July, currently trading at $60,820.
