Bitcoin
Bitcoin ETFs See Sharp Outflow of $226.2 Million Amid ETH ETF News
After a successful Wednesday, spot Bitcoin ETFs suffered another significant drop yesterday. According to data from Farside, on June 13th there were outflows totaling US$226.2 million, contrasting sharply with the US$100.8 million registered on June 12th.
Fidelity’s FBTC led the outflows with $106.4 million. This is the largest outflow FBTC has seen in the past month and a sharp trend reversal from the $50.6 million inflow it saw on June 12. Grayscale’s GBTC came in second with $61.5 million in outflows, followed by Ark’s ARKB’s $52.7 million outflow. Only BlackRock’s IBIT recorded inflows yesterday, totaling US$18.2 million.
Table showing inflows and outflows of US spot Bitcoin ETFs from May 27 to June 13, 2024 (Source: Distant investors)
This continues the 44-day streak of continuous flows into IBIT. IBIT’s entry history has only been broken since its launch. On May 1, IBIT recorded outflows of US$36.9 million.
The huge discrepancy between Wednesday’s inflows and yesterday’s outflows can, at least in part, be attributed to volatility in the broader market. This volatility was the result of Latest news coming from the SEC, which stated that the first Ethereum ETFs will be approved this summer.
While market analysts doubt ETH ETFs will attract the same institutional attention, the new product would undoubtedly attract some Bitcoin ETF volume. The fact that the Bitcoin ETF market has so far reacted with significant outflows of rumors and news about ETH ETFs further confirms this.
Latest Alpha Market Report
Disclaimer: Our writers’ opinions are theirs alone and do not reflect the views of CryptoSlate. None of the information you read on CryptoSlate should be considered investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to the content of this article. Finally, CryptoSlate is not responsible if you lose money trading cryptocurrencies.