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Bitcoin ETFs Post $900M in Net Outflows This Week
Thursday marked the fifth straight day of net outflows for the U.S.-listed ETFs in their worst performance since mid April.
Updated Jun 21, 2024, 7:55 a.m. Published Jun 21, 2024, 7:52 a.m.
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- Spot bitcoin ETFs in the U.S. experienced their fifth consecutive day of outflows on Thursday, totaling over $900 million in losses for the week.
- Grayscale's GBTC and Fidelity's FBTC led the outflows, while BlackRock's IBIT was the only ETF to record net inflows.
Spot bitcoin exchange-traded funds (ETFs) listed in the U.S. recorded their fifth-straight day of outflows on Thursday, losing over $900 million so far this week.
Data tracked by SoSoValue shows that the 11 listed ETFs lost $140 million on Thursday, with $1.1 billion in trading volumes. Grayscale’s GBTC – which has mostly seen outflows since its conversion to an ETF in January – led outflows at $53 million followed by Fidelity’s FBTC at $51 million.
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BlackRock’s IBIT, the biggest ETF by assets held, was the only product that recorded net inflows at $1 million. Other products saw zero net inflow or outflow activity.
Such outflow activity is the worst since late April, which saw $1.2 billion in total net outflows in trading sessions from April 24 to May 2. Inflows since picked up and saw the products add more than $4 billion in the next 19 days of trading – before the ongoing outflow deluge started on June 10.
BTC prices have generally suffered in the past few weeks amid $1 billion in sales from large holders, dollar strength and a strong U.S. technology index market.
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