Bitcoin ETFs experience continued outflows in the third week due to marketwide FUD
Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. are experiencing a third consecutive week of negative net flows as the BTC price falls below $60,000.
According to data provided by Farside investors, the outflows from spot BTC ETFs reached $174.5 million on June 24. The Grayscale Bitcoin Trust (GBTC) was the main driver of these negative net flows, a trend that has been observed since the early days of the investment products.
GBTC saw outflows of $90.4 million, the largest since June 11. Other spot Bitcoin ETFs also contributed to the overall negative netflow data, with no product experiencing any inflow yesterday. This is similar to what happened on June 11, although most ETFs traded flat at that time.
This time, up to seven products witnessed outflows, with the Fidelity Wise Origin Bitcoin Fund (FBTC) having the second-largest outflow of $35.2 million. The Franklin Bitcoin ETF (EZBC) came in third with $20.9 million in negative net flows.
Interestingly, BlackRock’s iShares Bitcoin Trust (IBIT) managed to maintain zero flows on June 24, despite the negative trend. IBIT has successfully hedged against any negative flows during the ongoing market downturn. The last time the product saw a negative netflow was on May 1, when it recorded an outflow of $36.9 million.
Following the latest performance, cumulative net flows on spot Bitcoin ETFs have dropped to $14.38 billion. On June 17, this figure fell below the $15 billion mark after recording $145.9 million in negative net flows. The recent data marks the seventh consecutive day of net outflows from these products.
This bearish situation occurs as Bitcoin struggles to overcome the prevailing downward pressure. At the time of writing, Bitcoin is up by 0.8% and is trading at $60,772. This slight recovery follows a 4.61% drop the previous day.
It’s worth noting that Bitcoin briefly dropped below $60,000 yesterday, hitting a one-month low of $58,402 before rebounding.
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