Bitcoin ETF Bleeding Continues: $106 Million Outflow in Single Day

• On Friday, the U.S. Bitcoin spot ETF market saw outflows totaling $106 million.
• Fidelity had the largest single-day outflow of $44.8M, followed by Grayscale.
• This unyielding bleeding trend surfaced as Bitcoin hit a low of $63,370.

U.S. Bitcoin spot exchange-traded funds (ETFs) experienced a sixth consecutive day of outflows, totaling $106 million on Friday, June 21, amid a broader downturn in the cryptocurrency market.

The market has endured continuous outflows throughout the entire trading week, reaching a cumulative total of $545 million. This marks the sixth consecutive day of negative net inflows for the market.

Among individual ETFs, Fidelity’s FBTC led the outflows on Friday with $44.8 million. Grayscale’s GBTC followed closely with a $34.2043 million outflow. Ark Invest’s ARKB also saw an outflow of $28.8 million. In contrast, several ETFs, including BlackRock’s IBIT, Bitwise’s BITB, VanEck Bitcoin Trust’s HODL, Valkyrie Bitcoin Fund’s BRRR, and Invesco Galaxy’s BTCO, reported zero net flow on Friday.

The Franklin Bitcoin ETF (EZBC) was the sole outlier, recording a modest inflow of $1.9 million.

Image source | Spon On Chain on X

These movements have driven down the cumulative total net inflow to $14.56 billion after 112 trading days. Bitcoin spot ETFs’ total net asset value currently stands at $55.547 billion.

This unyielding bleeding trend in the Bitcoin spot ETF has surfaced amid the ongoing downturn in the broader crypto market. Yesterday, Bitcoin revisited the $63,378 price level, a point last reached on May 14, five weeks ago. 

As of June 7, Bitcoin traded as high as $71,907 but has since plummeted by roughly 12%. Meanwhile, the altcoin market has experienced losses exceeding twice this percentage over the same period.

The sustained outflows from Bitcoin spot ETFs underscore the ongoing challenges faced by the nascent market, as investors grapple with regulatory uncertainty and broader market volatility. While some institutional players remain optimistic on Bitcoin’s long-term potential, the recent outflows highlight the need for further maturation and stability within the crypto ecosystem before widespread adoption can take hold.

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