Bitcoin Spot ETFs Outflows Continue: Grayscale, Fidelity See Significant Withdrawals
Bitcoin spot exchange-traded funds (ETFs) in the US saw a total net outflow of nearly $140 million as of June 20, according to data.
News outlet Wu Blockchain initially reported that huge outflows have hit Bitcoin ETFs for the fifth consecutive day.
“On June 20, Grayscale ETF GBTC had a single-day outflow of $53.1022 million, and BlackRock ETF IBIT had a single-day inflow of $1.4791 million.”
On June 20, the total net outflow of Bitcoin spot ETFs was $140 million, the fifth consecutive day of outflows, Grayscale ETF GBTC had a single-day outflow of $53.1022 million, and BlackRock ETF IBIT had a single-day inflow of $1.4791 million. Currently, the total historical net…
— Wu Blockchain (@WuBlockchain) June 21, 2024
Major players like Fidelity and Grayscale have seen a significant Bitcoin ETF withdrawals. Fidelity’s FBTC saw one-day net outflow of $51 million, per SoSo Value data. Additionally, the total net asset value of Bitcoin spot ETFs is $56.41 billion.
As of June 19, the total net outflow of BTC spot ETFs was $152 million. On Wednesday, Grayscale ETF GBTC had a net outflow of $62.3397 million in a single day, it added.
Data from Farside revealed the extent of the recent exodus of Bitcoin ETFs, from the start of this month.
The continued outflows of the spot Bitcoin ETFs have led investors in the US pull out, questioning their confidence Bitcoin’s short-term price outlook.
Alternatively, investors withdrawing from Bitcoin ETFs might be attributed to their attention into other crypto ETFs such as Ethereum.
Furthermore, the outflows of funds have coincided with Bitcoin’s recent price dip. The world’s largest cryptocurrency plunged in the last 24-hours from $66,374 and is currently trading at $64,552 at press time.
The notable
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