Bitcoin Spot ETFs are continuing to experience significant outflows as the market is dominated by bears. According to data from Farside Investors, on June 24, these products saw a total net outflow of $174 million, with Grayscale ETF GBTC accounting for a net outflow of $90.4295 million in a single day. The total net asset value of the Bitcoin spot ETF currently stands at $51.53 billion.
The two-week period since the approval of U.S. spot bitcoin ETFs in January has seen the largest outflows for spot bitcoin ETFs, with investors withdrawing a net total of $1.1 billion from these funds. Digital asset investment products as a whole have also experienced a second consecutive week of outflows, amounting to $584 million, with pessimism among investors regarding potential interest rate cuts by the Federal Reserve being a contributing factor.
Last week also saw the lowest trading volumes on ETPs globally since the launch of U.S. ETFs in January, with the United States witnessing the largest outflows of $475 million. Despite the negative sentiment, investors did not increase their short positions, as short bitcoin experienced outflows of $1.2 million.
Bitcoin’s price briefly dropped below the $60,000 level in June after showing potential to surpass the previous all-time high of over $73,000 earlier in the month. Additionally, the distribution of Bitcoin owed to former customers of the defunct crypto exchange Mt. Gox is looming, with concerns regarding the impact of this influx of BTC on prices.
With the crypto market experiencing price weakness, inflows were observed for some altcoins, including Solana, Litecoin, and Polygon. However, multi-asset products saw inflows of $98 million, indicating that some investors viewed the weakness in the altcoin market as a buying opportunity.
