Bitcoin Spot ETF Sees Largest Outflow Day Since Early May
On June 13th, U.S. Bitcoin spot ETFs marked their second largest outflow day of June, with over $226 million exiting the market.
Bitcoin Spot ETF Sees Largest Outflow Day Since Early May
According to Farside Investors, Fidelity's FBTC recorded the largest outflow among the funds, with $106 million "fleeing the scene". Grayscale's GBTC and ARK 21Shares' ARKB followed with outflows of $61.5 million and $52.7 million, respectively. The remaining three funds also experienced withdrawals: Valkyrie's BRRR with $11.3 million, Bitwise's BITB with $9.8 million, and Invesco's BTCO with $2.7 million.
Statistics on U.S. Bitcoin spot ETFs as of June 14, 2024. Source: Farside Investors
On the same day, BlackRock's IBIT was the sole Bitcoin spot ETF to see an inflow of $18.2 million. Since its launch in January 2024, the 11 U.S. Bitcoin spot ETFs have accumulated a total of $15.3 billion in inflows.
Just recently on June 11th, Bitcoin ETFs broke a streak of 19 consecutive inflow days, only to resume inflows the following day. However, this trend did not hold as June 13th turned out to be a "dismal" day.
In other developments, SEC Chairman Gary Gensler discussed Ethereum ETFs during a budget hearing on June 13th.
Gensler proposed to lawmakers that final approval for Ethereum spot ETFs would likely be completed by September 2024. During the hearing, he noted that the approval process has been progressing smoothly since the Commission approved the 19b-4 filing on May 24th.
According to CryptoQuant, $3 billion worth of ETH has left CEX platforms since the SEC nodded in favor of Ethereum ETFs.
An analyst at Bitfinex shared with The Block that Ethereum ETFs could attract up to 20% of the investment inflow currently going into Bitcoin ETFs.
However, seasoned trader Gordon Grant believes institutional investors will not find Ethereum spot ETFs appealing due to the product's lack of ETH staking features, aimed at avoiding SEC classification as securities.
The news of ETF outflows partly reflects in the price of the flagship coin. BTC dropped from $68,400 to $66,200 within a single day.
1D chart of BTC/USDT pair on Binance at 02:40 PM on June 14, 2024
