Bitcoin ETFs experience six consecutive days of outflows exceeding 100 million
Spot Bitcoin exchange-traded funds (ETFs) continued to witness outflows at the end of the week, resulting in a total net outflow of over $544 million. Data from Farside Investors showed that on June 21, spot Bitcoin ETFs saw net outflows of $105.9 million, marking the sixth consecutive day with outflows surpassing $100 million. The majority of these outflows came from three major funds: the Fidelity Wise Origin Bitcoin Fund (FBTC) with $44.8 million, the Grayscale Bitcoin Trust (GBTC) with $34.2 million, and the ARK 21Shares Bitcoin ETF (ARKB) with $28.8 million.
Despite the prevailing bearish sentiment in the market, not all ETFs followed this trend. The Franklin Bitcoin ETF (EZBC) defied the trend and recorded an inflow of $1.9 million on the same day. Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF in terms of holdings, remained neutral with no significant changes.
The recent trend of outflows is noteworthy, particularly considering that spot Bitcoin ETFs witnessed net outflows of $580.6 million just last week. This comes after four consecutive weeks of net inflows, which added approximately $4 billion to these investment products.
The broader cryptocurrency market has been engulfed in fear, uncertainty, and doubt (FUD), which has been reflected in Bitcoin’s price dropping below the $64,500 mark. On-chain data has also revealed significant activity among Bitcoin whales, who hold substantial amounts of BTC. According to CryptoQuant CEO Ki Young Ju, whales sold around $1.2 billion worth of BTC over the past two weeks. This trend of cashing out coincided with the negative net flows in spot BTC ETFs.
Ju cautioned that if this sell-side liquidity is not absorbed over the counter, it could lead to more BTC being deposited on exchanges, potentially further impacting the market.
Bitcoin’s price has faced challenges in recent weeks, with its value dropping to $63,500 on June 21. However, it has since experienced a slight rebound, gaining around $750 in the last 24 hours, according to CoinGecko. Nevertheless, the cryptocurrency has seen a 7.2% decline over the past 14 days, highlighting the ongoing volatility in the market.
