US Spot Bitcoin ETFs Ended Record 19-Day Inflow Streak Following $65M Outflow
11 U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a net outflow of $64.93 million on Monday. This marked the end of a historic 19-day inflow streak that had seen consistent daily investments. Grayscale’s GBTC led the outflows this week, with investors pulling out $40 million. This trend was echoed across other funds; Invesco and Galaxy Digital's BTCO saw net outflows of $20 million, while Valkyrie's bitcoin ETF reported $16 million in redemptions. Fidelity's FBTC, which had enjoyed positive flows since May 2, experienced $3 million in net outflows.
Despite the general trend, not all funds saw redemptions. BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, recorded net inflows of $6 million. Similarly, Bitwise’s BITB saw $8 million in new investments, indicating some continued confidence in the market. The record 19-day inflow streak concluded last Friday, amassing over $4 billion in net inflows. Since their launch in January, the 11 spot bitcoin ETFs have collectively attracted $15.62 billion in net investments.
The recent outflows come amid a dip in Bitcoin’s price, which fell following the release of conflicting U.S. non-farm payroll and unemployment data. The mixed economic signals have created uncertainty, prompting investors to move away from riskier assets, as noted by crypto trading firm QCP Capital. The CME Group forecasts a 99.4% probability that the Federal Reserve will maintain the current interest rate of 5.25% to 5.50%.
While the Bitcoin ETFs have garnered significant attention, U.S. spot Ethereum ETF issuers are also awaiting feedback from the Securities and Exchange Commission (SEC) on their S-1 registration statements, which were submitted at the end of last month. Approval of these forms is necessary for the official launch of spot ether ETFs.
