Bitcoin spot ETFs in the United States continue to experience significant outflows, with a total net outflow of nearly $140 million as of June 20, according to data reported by Wu Blockchain. This marks the fifth consecutive day of large outflows affecting Bitcoin ETFs.
On June 20, Grayscale’s GBTC ETF witnessed a single-day outflow of $53.1022 million, while BlackRock’s IBIT ETF saw a single-day inflow of $1.4791 million. Major players like Fidelity and Grayscale have also been impacted, with Fidelity’s FBTC experiencing a one-day net outflow of $51 million, according to SoSo Value data. The total net asset value of Bitcoin spot ETFs now stands at $56.41 billion.
The recent exodus of Bitcoin ETFs has raised concerns about investor confidence in the short-term price outlook of Bitcoin. Some investors have shifted their focus to other crypto ETFs, such as Ethereum, amidst the ongoing outflows. The outflows have coincided with a recent price dip in Bitcoin, which fell from $66,374 to $64,552 in the last 24 hours.
The bearish momentum in the market indicates a gradual decline, suggesting sustained downward pressure. Bitcoin analyst Willy Woo pointed out that the lack of a significant price jump despite the outflows may be due to a slump in Bitcoin mining activity, with only a few miners actively participating. He noted that a further round of liquidations may be necessary before seeing any significant bullish activity in the market.
Overall, the trend of outflows from Bitcoin spot ETFs highlights the current uncertainty among investors and the need for market participants to closely monitor developments in the cryptocurrency space.
