Bitcoin ETFs saw a net outflow of $140 million on June 20, 2024. This marks the fifth consecutive day of negative inflow for Bitcoin ETFs.
🚨 $BTC #ETF Net Inflow June 20, 2024: -$140M!• The net inflow has been negative for 5 consecutive days.• Only #BlackRock (IBIT) experienced a small inflow of $1.5M yesterday.• #Grayscale (GBTC) experienced the highest outflow of the day at $53M. This ETF has suffered a… pic.twitter.com/XC6n5bJl5D
— Spot On Chain (@spotonchain) June 21, 2024
Grayscale’s GBTC Leads in Outflow with $53M in One Day
Among the various ETFs, BlackRock’s IBIT was the only one to see a positive inflow, albeit a small one at $1.5 million, as reported by SpotOnChain.
Among the cryptocurrencies on Grayscale, GBTC saw the heaviest trading, with an outflow of $53 million. In the last five days alone, Grayscale has witnessed outflows totaling up to $232 million. The same can be said of Fidelity’s FBTC, which experienced an even greater outflow during the period at $413 million.
The value indicates the net drain implying that investors are withdrawing more assets in Bitcoin ETFs than they are investing in it. This may signal a change of tact by investors towards the management of Bitcoin investment or sentiment on the asset.
Significant Net Outflows Highlight Investor Wariness of Bitcoin ETFs
The new changes including outflow demonstrate a trend of investors leaving popular ETFs such as Grayscale and Fidelity. Perhaps the only ray of positivity for BlackRock in its IBIT is the modest inflow it received during a period that has proven tiring for Bitcoin ETFs.
Overall, the present tendency demonstrates quite cautious attitude of investors in relation to Bitcoin ETFs, significant net outflows were observed for the past week.
