Withdrawals from spot Bitcoin ETFs have exceeded $1 billion in the past 10 days.
On Monday, June 24, no Bitcoin exchange-traded fund (ETF) saw any inflow. This has led to a total outflow of $174.5 million across all ETFs.
The US spot Bitcoin ETFs have experienced major withdrawals for seven consecutive days, coinciding with the continuous decline in Bitcoin (BTC) price. The total outflow from spot Bitcoin ETFs has reached over $1 billion in the past 10 days.
Bitcoin exchange-traded funds (ETFs) have seen a total of $545 million withdrawn so far, and this is just the beginning of the week. According to data from Farside Investors, the Grayscale Bitcoin ETF (GBTC) had the largest withdrawals on Monday, totaling $90.4 million. The total outflow from GBTC since its launch is approaching $18.5 billion.
Fidelity’s FBTC also experienced significant outflows on Monday, with $35 million withdrawn. With an AUM below $10 billion, FBTC has been seeing steady withdrawals since mid-June.
While there have been withdrawals from several other Bitcoin ETFs since their launch, BlackRock’s IBIT has remained unchanged. However, there have been multiple instances of no inflows recorded.
The recent sell-off indicates that the initial excitement for the launch of spot Bitcoin ETFs seems to be fading. Institutional interest in Bitcoin has also been declining due to the unpredictability of the global market. Last week, withdrawals of $630 million were recorded from Bitcoin investment products.
The introduction of spot Bitcoin ETFs in early 2024 led to strong gains for Bitcoin at the beginning of the year. However, the recent outflow is a cause for concern as investor confidence in the asset is diminishing.
Major Outflows from US Bitcoin ETFs as BTC Price Continues to Drop
