As a researcher with a background in digital assets and experience tracking the Bitcoin exchange-traded fund (ETF) landscape, I find the recent trend of outflows from spot Bitcoin ETFs concerning. The data from Farside Investors indicates that last week alone, these funds recorded a staggering $580.6 million in net outflows, with major players like Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF leading the charge.
Bitcoin ETF outflows persisted at the start of the week, causing the overall inflows of U.S. investment products to dip below the $15 billion threshold.
As a crypto investor following the market trends closely, I’ve noticed that according to Farside Investors’ data, there was a significant net outflow of approximately $146 million from spot Bitcoin ETFs on June 17th. The majority of this withdrawal, around $142 million, came from two specific ETFs: the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB). These funds accounted for outflows of roughly $92 million and $50 million, respectively.
Additionally, the VanEck Bitcoin Trust (HODL) and Grayscale Bitcoin Trust (GBTC) experienced withdrawals of $3.8 million and $3 million, respectively.
In contrast to the pessimistic market mood and ongoing redemptions, the Bitwise Bitcoin ETF (BITB) managed to attract $2.9 million in investments on June 17, according to Farside Investors’ data. The other ETFs remained unchanged during this period.
Last week, I observed a significant drain of $580.6 million from spot Bitcoin ETFs. This followed a string of four consecutive weeks where these investment vehicles saw net inflows, totaling approximately $4 billion.
According to Farside Investors’ data, the recent round of outflows has increased the overall net inflow in Bitcoin spot ETFs to a total of $14.96 billion.
The report indicates that outflows are occurring as the wider crypto market experiences heightened anxiety and apprehension, with Bitcoin’s price dipping below the $66,000 threshold. Over the previous 24 hours, the global cryptocurrency market capitalization declined by 2.6%, currently valued at approximately $2.485 trillion.
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2024-06-18 13:44