The United States-based spot Bitcoin ETF products, following seven consecutive trading days of net outflows finally witnessed a positive shift on June 25, with net inflows totaling $31 million. As per data from SoSo Value, this is a notable reversal in trend.
A Reversal of Trends in Spot Bitcoin ETF
In the past week of trading, there was a cumulative outflow of $1.1 billion in spot Bitcoin ETFs. However, following the reversal, the cumulative inflow amounted to $14.42 billion as of June 25 from the 11 spot Bitcoin funds that launched in January.
Fidelity Wise Origin Bitcoin Fund (FBTC), led the pack of issuers with inflows recording $49 million. This was followed by the Bitwise Bitcoin ETF (BITB) with $15 million in inflows, and the VanEck Bitcoin Trust ETF (HODL) with net inflows of $4 million.
In contrast, the Grayscale Bitcoin Trust (GBTC) experienced net outflows of $30.3 million, and the ARK 21Shares Bitcoin ETF reported $6 million in net outflows.
Interestingly, BlackRock’s iShares Bitcoin Trust ETF (IBIT) — the largest fund by assets under management — did not see any inflows on June 25. Similarly, ETFs from Invesco Galaxy, Valkyrie, and Franklin Templeton also reported no inflows.
This mild inflow might account for why Bitcoin price is up 0.47% in 24 hours to $61,870
Market Anticipation for Spot Ethereum ETF
Notably, the recent outflows from U.S.-based spot Bitcoin ETFs are the highest since April when the funds posted total net outflows exceeding $1.2 billion between April 24 and early May.
Meanwhile, there is a general air of anticipation for final approval from the United States Securities and Exchange Commission, SEC on a spot Ethereum ETF. Prospective U.S. issuers have been submitting amended Form S-1 registration statements.
According to Bloomberg ETF analyst Eric Balchunas, spot Ether ETFs could potentially begin trading in the U.S. by July 2. Some analysts are optimistic that a final nod by the regulatory body and commencement of trading will shake up market activities.
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