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HomeBusinessCryptoBitcoin ETF outflows continue, total amount falls below $15b

Bitcoin ETF outflows continue, total amount falls below $15b

Wahid Pessarlay

Spot Bitcoin (BTC) exchange-traded fund (ETF) outflows continued as the week started. Consequently, the total net inflows of the investment products in the U.S. dropped below the $15 billion mark.

According to data provided by Farside Investors, spot Bitcoin ETFs recorded a net outflow of $145.9 million on Jun. 17. Most of the outflows came from the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB), worth $92 million and $50 million, respectively.

Moreover, the VanEck Bitcoin Trust (HODL) and Grayscale Bitcoin Trust (GBTC) also had smaller shares of $3.8 million and $3 million in outflows, respectively.

Despite the bearish market sentiment and continuous outflows, the Bitwise Bitcoin ETF (BITB) still recorded $2.9 million in inflows on Jun. 17, data from Farside Investors shows. The remaining ETFs stayed neutral.

It’s important to note that the spot Bitcoin ETFs recorded $580.6 million in net outflows last week alone. The massive outflows came after four weeks of consecutive net inflows in the investment products, amounting to a total of roughly $4 billion.

The latest series of outflows have brought the total amount of net inflows in spot BTC ETFs to $14.96 billion, according to data from Farside Investors.

The outflows come as the broader crypto market is witnessing increased FUD (fear, doubt and uncertainty) with the BTC price falling below the $66,000 mark. Per the report, the global cryptocurrency market capitalization plunged by 2.6% over the past day and is sitting at $2.485 trillion.

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