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Bitcoin ETF Inflow Streak Snapped: $350M Outflows End 15-Day Run
The recent influx of investors into the US spot Bitcoin ETFs has finally come to an abrupt end, as a staggering $342 million in outflows occurred on July 1. This sudden reversal is particularly noteworthy, as it marks a sharp turnaround from the prolonged and unprecedented inflow streak that had persisted for 15 consecutive days.
Throughout June, the market witnessed a remarkable surge in net inflows across all U.S. spot Bitcoin ETFs, with figures exceeding $500 million on multiple occasions. These substantial influxes led to an impressive cumulative total of nearly $49 billion by June 30. However, this momentum was swiftly halted as investors experienced a drastic shift in sentiment on July 1.
As reported by SoSoValue, Fidelity’s FBTC led the charge, accounting for a significant portion of the outflows with a whopping $172.73 million net withdrawal. Grayscale’s GBTC followed closely behind, witnessing an exodus of approximately $119.51 million. Other prominent ETFs such as Ark Invest’s ARKB and Bitwise’s BITB also joined in on this downward trend, with net withdrawals of $27.03 million and $22.98 million respectively.
Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) opted to hold its ground, choosing not to participate in the outflows by neither adding nor shedding any assets. This move marked a stark contrast from the numerous previous days where IBIT consistently absorbed significant amounts of capital.
In an interesting development, several notable ETFs such as VanEck’s HODL, Valkyrie’s BRRR, and WisdomTree’s BTCW chose to remain steadfast, refusing to participate in the outflows.
Source: cryptopotato.com
