Spot bitcoin ETFs in the U.S. have been facing a challenging week, with $900 million in net outflows recorded so far. This marks the fifth consecutive day of outflows for these ETFs, highlighting the current market sentiment surrounding bitcoin.
According to data from SoSoValue, a total of 11 listed ETFs reported $140 million in outflows on Thursday alone, with a total trading volume of $1.1 billion. Grayscale’s GBTC and Fidelity’s FBTC were the hardest hit, with outflows of $53 million and $51 million, respectively. On the other hand, BlackRock’s IBIT was the only ETF to see net inflows, albeit a modest $1 million.
This recent outflow activity is reminiscent of late April, when U.S.-listed bitcoin ETFs experienced $1.2 billion in total net outflows over a span of nine trading sessions. However, the market quickly turned around, with more than $4 billion in inflows recorded over the next 19 days. The current outflow trend that started on June 10 reflects a more bearish outlook on BTC prices.
Several factors have contributed to the recent downturn in bitcoin prices, including significant sales from large holders, a strengthening U.S. dollar, and a robust performance in the U.S. technology index market. These external factors have put pressure on the cryptocurrency market as a whole, leading investors to reassess their positions in bitcoin ETFs.
Despite the recent challenges, it is important to note that the cryptocurrency market is known for its volatility and rapid fluctuations. Investors should exercise caution and conduct thorough research before making any investment decisions, especially in light of the current market conditions.
As the market continues to evolve, it will be interesting to see how bitcoin ETFs fare in the coming days and weeks. Traders and investors alike will be closely monitoring the market dynamics and adjusting their strategies accordingly to navigate these uncertain times.
