Bitcoin Spot ETFs Outflows Continue: Grayscale and Fidelity Experience Significant Withdrawals

Bitcoin spot exchange-traded funds (ETFs) in the US have experienced substantial net outflows, totaling nearly $140 million as of June 20, according to recent data.

Key Highlights:

• Grayscale ETF GBTC saw a single-day outflow of $53.1022 million on June 20.
• BlackRock ETF IBIT recorded a single-day inflow of $1.4791 million.
• Fidelity’s FBTC experienced a one-day net outflow of $51 million.
• The total net asset value of Bitcoin spot ETFs stands at $56.41 billion.

Recent Trends and Data:

• As of June 19, the total net outflow for BTC spot ETFs reached $152 million.
• On Wednesday, Grayscale ETF GBTC had a net outflow of $62.3397 million.
• Data from Farside Investors highlights the extent of the outflows since the start of the month.

Impact on Investor Confidence: The continuous outflows have raised concerns among US investors regarding Bitcoin’s short-term price outlook. Some investors are shifting their focus to other crypto ETFs, such as those based on Ethereum.

Market Reactions: The outflows have coincided with a recent dip in Bitcoin’s price. Over the last 24 hours, Bitcoin’s price dropped from $66,374 to $64,552 at press time, showing a bearish trend and sustained downward pressure.

Expert Insights: Bitcoin analyst Willy Woo notes that the absence of a significant price surge despite the outflows is due to a slump in Bitcoin mining activity. He attributes this to miner capitulation following the halving event, which has culled weaker miners. Woo suggests that further liquidations are necessary before a bullish trend can resume.