- Withdrawals from spot Bitcoin ETFs have topped $1 billion in the last 10 days.
- No Bitcoin exchange-traded fund (ETF) saw any form of inflow on Monday, June 24.
Major withdrawals have been seen in the US spot Bitcoin ETFs for seven consecutive days, coinciding with the Bitcoin (BTC) price’s continued decline. No Bitcoin exchange-traded fund (ETF) saw any form of inflow on Monday, June 24, contributing to a total outflow of $174.5 million across all ETFs. Withdrawals from spot Bitcoin ETFs have topped $1 billion in the last 10 days.
Bitcoin exchange-traded funds (ETFs) have seen $545 million wiped out so far, and this week is only the beginning. Grayscale Bitcoin ETF GBTC had the most withdrawals on Monday, totaling $90.4 million, according to data from Farside Investors. With this, the total amount of money that has left GBTC since its start is approaching $18.5 billion.
Struggle Continues
Outflows of $35 million hit Fidelity’s FBTC, the second worst on Monday. With an AUM below $10 billion, FBTC has been experiencing steady withdrawals since the middle of June.
There have been withdrawals from a number of other Bitcoin ETFs since their launch, however BlackRock’s IBIT remains completely unchanged. Having said that, there have been several recent cases when no inflows were recorded.
The present sell-off, however, demonstrates that the initial enthusiasm for the spot Bitcoin ETFs’ debut seems to be dwindling. Additionally, due to the unpredictability of the global market, institutional interest in Bitcoin has been declining. Withdrawals of $630 million were recorded last week from Bitcoin investment products.
It is well-known that the introduction of spot Bitcoin ETFs in early 2024 caused Bitcoin to begin the year with strong gains. However, the recent outflow is a cause of concern as investors confidence in the asset is dwindling.
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