Bitcoin ETF Interest Wanes as ETH ETFs Gear Up for Launch

Data from Farside Investors revealed that Bitcoin ETFs recorded six consecutive days of outflows from 13 to 21 June (excluding 19 June).

Bitcoin [BTC] ETFs have seen six consecutive days of outflows from 13 to 21 June (excluding 19 June), according to data from Farside Investors.

As of 21 June, the Fidelity Wise Origin Bitcoin Fund (FBTC) was hit the hardest with outflows totaling $44.8 million, followed by the Grayscale Bitcoin Trust (GBTC), which saw outflows of $34.2 million in a single day.

However, not all Bitcoin ETFs registered significant outflows. BlackRock’s iShares bitcoin ETF (IBTC) remained stable with zero days of outflows during this period and even prior to it.

Commenting on the same, Thomas, co-founder of ApolloSats, took to X (formerly Twitter) and noted:

“Blackrock Continues to HODL. Zero outflows today. +23 Bitcoin this week while every other major ETF has a bloodbath. Larry you’ve done it again.”

This divergence in investor interest underscores the shifting dynamics within the cryptocurrency market.

While some Bitcoin ETFs faced significant outflows, the stability of BlackRock’s IBTC is a sign of selective confidence among investors. Additionally, BlackRock’s recent surge in Bitcoin holdings highlights institutional confidence in Bitcoin’s role as an inflation hedge and investment.

On 5 June, BlackRock purchased 3,894 Bitcoins, valued at approximately $276.19 million, increasing its total holdings to 295,457 Bitcoins, worth about $20.95 billion.

This move is seen as a positive signal to the market, likely influencing other investors and driving up demand for Bitcoin. Furthermore, execs believe that BlackRock’s accumulation may contribute to a supply shortage, further lifting Bitcoin prices amid evolving economic and regulatory conditions.