Bitcoin ETFs See Significant Outflows Amid Market Volatility

U.S.-listed Bitcoin exchange-traded funds (ETFs) saw significant net outflows exceeding $226 million on Thursday.

Bitcoin exchange-traded funds (ETFs) saw significant net outflows for three consecutive days this week, totaling over $564 million.

On Thursday, U.S.-listed Bitcoin ETFs experienced substantial net outflows exceeding $226 million, a trend also observed at the end of April when these ETFs saw six days of outflows.

However, despite the outflows, some BTFs recorded net inflows. According to preliminary data from SoSoValue, Fidelity’s FBTC ETF saw the highest outflows at $106 million withdrawn over three days this week.

Other ETFs like Grayscale’s GBTC and Ark Invest’s ARKB also experienced significant outflows, with $62 million and $53 million withdrawn, respectively.

In contrast, BlackRock’s IBIT ETF was the only one to see a net inflow, gaining $18 million during this period. ETFs offered by Valkyrie, Franklin Templeton, Hashdex, and WisdomTree reported no significant inflow or outflow activity.

Mittwoch was the only day this week when these U.S.-listed bitcoin ETFs saw a net inflow, totaling $100 million.

The recent outflows mark a pullback from April, when these ETFs saw $1.2 billion withdrawn over six days.

Bitcoin’s price fluctuated this week in response to events like the U.S. inflation report and the Federal Reserve meeting. The cryptocurrency briefly spiked to $70,000 before retreating below $67,000 as traders capitalized on the volatility to secure profits.

Earlier, on June 12, 2024, Bitcoin ETFs saw a significant net inflow of $101 million, with Fidelity contributing $51 million.

Recently, U.S.-listed spot Bitcoin ETFs faced outflows totaling $64.9 million, the first such loss since May 23.

According to market analysts, the recent inflows into ETFs are more likely due to institutional interest in non-directional basis trades rather than outright bullish bets.

In other regulatory news, Thailand’s Securities and Exchange Commission (SEC) has approved the launch of a spot Bitcoin ETF, following similar moves by other Asian countries.

This decision highlights the growing acceptance and regulatory clarity for cryptocurrency financial products in the region.