Bitcoin Spot ETFs Continue to See Massive Outflows as Bears Dominate Market
Bitcoin spot ETFs have been experiencing significant net outflows, with the trend continuing for seven consecutive days.
On June 24, the products witnessed a total net outflow of $174 million, according to data from Farside Investors.
Grayscale ETF GBTC accounted for a net outflow of $90.4295 million in a single day, contributing to the overall figures. The total net asset value of the Bitcoin spot ETF currently stands at $51.53 billion.
Data from Farside Investors reveals that spot bitcoin ETFs have suffered the largest outflows over a two-week period since the approval of U.S. spot bitcoin ETFs in January.
Investors have withdrawn a net total of $1.1 billion from these funds during this timeframe.
On June 24, the Bitcoin spot ETF had a total net outflow of $174 million, with net outflows for seven consecutive days. Grayscale ETF GBTC had a net outflow of $90.4295 million in a single day, and the total net asset value of the Bitcoin spot ETF was $51.53 billion.…
— Wu Blockchain (@WuBlockchain) June 25, 2024
Digital asset investment products, as a whole, experienced a second consecutive week of outflows, amounting to $584 million, according to a report from CoinShares.
The pessimism among investors regarding potential interest rate cuts by the Federal Reserve is believed to be a contributing factor.
Last week also saw the lowest trading volumes on ETPs globally since the launch of U.S. ETFs in January, with a total of just $6.9 billion traded throughout the week.
The United States witnessed the largest outflows, with $475 million being withdrawn, while Canada also experienced significant outflows amounting to $109 million.
Germany and Hong Kong observed outflows of $24 million and $19 million, respectively.
However, Switzerland
Read more on cryptonews.com
