US Spot Bitcoin ETFs See $174 Million Net Outflow Amid Price Struggles
On Monday, US spot Bitcoin exchange-traded funds (ETFs) witnessed a substantial net outflow of $174.45 million, marking the seventh consecutive day of negative flows. This trend emerged as the price of Bitcoin hit its lowest point in nearly six weeks.
According to SoSoValue data, Grayscale’s GBTC led the outflows with $90 million, followed by Fidelity’s FBTC, which saw $35 million in outflows. Franklin Templeton’s EZBC reported a net outflow of $20.8 million, its first since May 2.
Other funds that experienced exits included VanEck’s HODL ($10 million), Bitwise’s BITB ($8 million), and Ark Invest and 21Shares’ ARKB fund ($7 million). Invesco and Galaxy Digital’s BTCO also reported $2 million exits.
BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, recorded no flows on Monday, along with funds Valkyrie, WisdomTree, and Hashdex. Notably, neither fund reported net inflows.
The outflows and price decline come in the wake of defunct cryptocurrency exchange Mt. Gox’s announcement that it plans to repay $9 billion worth of Bitcoin and Bitcoin Cash to creditors starting in July. Analysts say Mt. Gox’s announcement has raised concerns among investors about a potential flood of offerings likely to be liquidated after they are purchased, resulting in a “classic ‘sell the news’ scenario”.
This potential increase in Bitcoin supply has contributed to current market volatility and investor caution.
