US-based spot #Bitcoin exchange-traded funds saw net outflows for the fifth consecutive day, with $139.88 million outflows from the funds on June 20. Grayscale's GBTC fund led yesterday with a daily net outflow of $53 million, while Fidelity's FBTC fund followed closely with an outflow of $51 million, according to SoSoValue data.
Outflows Continue in Bitcoin ETF Funds
However, Bitwise's BITB fund reported a net outflow of $32 million, while VanEck's ETF fund recorded a net outflow of $4 million. A net outflow of $2 million was seen from Invesco and Galaxy Digital's fund. The only net inflow came from BlackRock's IBIT, the largest spot Bitcoin ETF fund by net asset value.
IBIT saw net inflows of $1 million on June 20 and recorded a daily trading volume of $565 million. Other funds from Ark Invest, Valkyrie, Franklin Templeton, WisdomTree and Hashdex recorded zero flows.
The total trading volume of ETF funds decreased from $1.7 billion on June 18 to $1.16 billion on June 20. Since their inception in January, 11 spot Bitcoin funds have accumulated a total of $14.67 billion in net inflows as of June 20. Markets were closed on June 19 due to a public holiday.
What's Happening in the ETF Space?
In related ETF news, Australia's largest stock exchange, the ASX, listed its first spot Bitcoin ETF fund on June 20. VanEck Bitcoin ETF operates as a feeder fund that provides exposure to Bitcoin by investing in the US-listed VanEck Bitcoin Trust (HODL). Although there have been spot crypto ETF funds since 2022, the addition of the Bitcoin fund to the ASX apparently reflects efforts to capture crypto ETF momentum in the US and Hong Kong.
Meanwhile, US ETF issuers are working to launch the country's first batch of spot Ethereum funds. Issuers received comments from the Securities and Exchange Commission last week regarding their S-1 forms for Ethereum ETF funds, according to two sources. Institutions are currently working to resubmit the amended forms by the night of June 21.
