The United States spot Bitcoin ETF market has witnessed net outflows for the past 3 days, recently posting $226 million in capital outflow. Notably, Fidelity Investments (FBTC) registered an outflow of $106 million, the highest among other ETF issuers, as seen in recent data released by SoSoValue.
Breakdown of Major Spot Bitcoin ETF Outflows
Significantly, Thursday’s outflow is $26 million higher than that recorded on Tuesday and on that day, Grayscale Investment’s GBTC was the driver with a $120 million outflow. The latest data shows Grayscale’s GBTC followed FBTC with $62 million in outflows while Ark Invest’s ARKB recorded $53 million. The outflows are similar to the prevailing market performance towards April’s end.
📊 Bitcoin ETF Tracker | 2024-06-13
🟥 Daily Total Net Inflow -$226.21M
💰 Total Value Traded $1.79B
🏦 Total Net Assets $58.53B
📊 ETF Market Value Ratio 4.45%
🥇 Net Inflows/Outflows for Each ETF
🟩 IBIT +$18.23M
⬜️ BTCW $0
⬜️ BRRR $0
⬜️ EZBC $0
⬜️ DEFI $0
🟥 BTCO -$2.66M
🟥… pic.twitter.com/Xmjp6Buo5k
— SoSo Value (@SoSoValueCrypto) June 14, 2024
Significantly, the ETF offerings by Franklin Templeton, Valkyrie, Hashdex, and WisdomTree recorded no inflow or outflow activity. However, BlackRock’s IBIT stayed green with a net inflow that registered a gain of $18 million.
Besides Wednesday this week, there have been significant outflows in the spot Bitcoin ETF. However, $100 million was added on that day. It signals the general volatility of the listed products in the broader cryptocurrency market colored by the U.S inflation report.
The U.S. inflation report temporarily nudged Bitcoin price to the $70,000 mark from $68,000 before it crashed below $67,000. As per data from CoinMarketCap, Bitcoin at the time of writing is trading at $67,015.32, up 0.53%.
Analysts’ Insights and Future Outlook
Analysts say the current outflows contrast with the remarkable 18-day net inflow streak registered prior to this week. In a notable increase in interest from investors, the daily net inflow then reached $217.78 million.
BlackRock, which managed to stay green among the current outflow, maintained the leadership position during those eighteen days with a net inflow of $350 million. Fidelity and VanEck’s spot Bitcoin ETFs also saw net inflows, although lower than BlackRock’s.
With the broader crypto community anticipating feedback on spot Ethereum ETF, market watchers are keen on seeing how in the long run this will affect the overall performance of the new assets.
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