Bitcoin
Bitcoin ETF Outflows Continue, Total Value Drops Below $15 Billion
Bitcoin spot (Bitcoin) commercial fund exchange (ETF) departures continued at the beginning of the week. Consequently, total net inflows of investment products in the US fell below the $15 billion mark.
According to data Provided by Farside Investors, spot Bitcoin ETFs recorded a net outflow of $145.9 million on June 17. Most of the outflows came from the Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB), worth $92 million and $50 million. , respectively.
Additionally, VanEck Bitcoin Trust (HODL) and Grayscale Bitcoin Trust (GBTC) also saw smaller holdings of $3.8 million and $3 million in outflows, respectively.
Despite bearish market sentiment and continued outflows, the Bitwise Bitcoin ETF (BITB) still saw inflows of $2.9 million on June 17, data from Farside Investors shows. The remaining ETFs remained neutral.
It is important to note that spot Bitcoin ETFs saw $580.6 million in net outflows last week alone. The massive departures occurred after four weeks of consecutive net inflows in investment products, totaling around US$4 billion.
The latest series of outflows brought the total value of net inflows into spot BTC ETFs to $14.96 billion, according to data from Farside Investors.
The outflows come as the broader crypto market witnesses increased FUD (fear, doubt and uncertainty) with the price of BTC falling down below the $66,000 mark. According to the report, the global cryptocurrency market capitalization fell 2.6% in the last day and stands at $2.485 trillion.