The 19-day streak of net inflows for U.S.-listed spot bitcoin exchange-traded funds (ETFs) ended on Monday with a combined $65 million in net outflows.
Grayscale’s GBTC led the outflows with $40 million, continuing its trend as the worst-performing ETF by outflows since going live in January.
A record 19-day streak of net inflows in U.S.-listed spot bitcoin exchange-traded funds (ETFs) ended Monday as the products saw a combined $65 million in net outflows, preliminary data shows.
Bitcoin ETF Flow (US$ million) - 2024-06-10TOTAL NET FLOW: -64.9(Provisional data)IBIT: 6.3FBTC: -3BITB: 7.6ARKB: 0BTCO: -20.5EZBC: 0BRRR: -15.8HODL: 0BTCW: 0GBTC: -39.5DEFI: 0For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) June 11, 2024
Grayscale’s GBTC led outflows at $40 million, leading outflows among its counterparts. GBTC continues its infamous run of being the worst-performing ETF by outflows since going live in January, racking up a cumulative $18 billion in outflows.
Invesco and Galaxy Digital’s BITCO saw net outflows of $20 million. Valkyrie's BRRR ETF racked net outflows of $16 million. Fidelity's FBTC saw $3 million in net outflows in its first negative flow since early May, The Block reported.
The ETFs last reported a net outflow of $84 million on May 10 after a dismal month in April that saw weeks of outflows. Inflows since picked up and saw the products add more than $4 billion in 19 days of trading.
Such outflows came amid a market-wide slide in the cryptocurrency market and losses in broader stock markets. Traders on Monday warned of a volatile week ahead of a week as investors await a U.S. CPI reading on Wednesday and U.S. treasury secretary Janet Yellen’s speech scheduled on Friday – which can cause a reaction in riskier assets such as cryptocurrencies.
The Fed’s monetary policy is also to be decided at a two-day Federal Open Market Committee (FOMC) meeting starting Thursday, which may further add to market uncertainty based on comments.
Bitcoin has been down 2.7% in the past 24 hours, reversing gains from last week when it briefly traded over a two-month high of $70,000.