Key Points
- Bitcoin ETFs recorded $140 million in outflows on June 20.
- BlackRock’s BTC ETF, IBIT, recorded $1 million in inflows.
According to the latest reports from SoSoValue, Bitcoin ETFs recorded $140 million in outflows on June 20.
This marks the fifth consecutive day of net outflows for the crypto products.
Here are the outflows that Bitcoin ETFs recorded yesterday:
- Grayscale’s Bitcoin ETF, GBTC, saw $53 million in outflows.
- Fidelity’s Bitcoin ETF, FBTC, recorded $51 million in outflows.
- Bitwise’s Bitcoin ETF, BITB, recorded $32 million in outflows.
- Invesco and Galaxy Digital’s Bitcoin ETF, BTCO, recorded $2 million in outflows.
- VanEck’s Bitcoin ETF, HODL, recorded $4 million in outflows.
BlackRock’s Bitcoin ETF, IBIT, was the only one that recorded inflows, $1 million.
The other Bitcoin ETFs did not see any inflows or outflows on June 20. The total net assets in BTC ETFs are $56.4 billion.
Since their launch in January, the 11 spot Bitcoin funds have collectively seen a total net inflow of $14.67 billion as of Thursday, according to the same data.
Bitcoin ETFs close to approval at major wirehouses and large private banks
Bernstein analysts recently revealed that Bitcoin ETFs are close to being approved at major warehouses and large private bank platforms in Q3 and Q4 2024.
Analysts Gautam Chhugani and Mahika Sapra believe that institutional basis trade will mark a huge stepping stone for adoption of crypto. These investors are considering net long positions as they become more comfortable with the improving ETF liquidity.
Basis trade refers to a strategy that involves institutional investors arbitrating the difference between the spot and futures prices.
They buy spot BTC ETFs and sell the CME Bitcoin futures contracts with the target of making a profit from the price spread when futures contracts mature.
Growth can be driven by larger advisors approving ETFs. Also, despite the recent consecutive days of BTC ETF outflows, analysts expect net inflows to begin accelerating again in Q3 – Q4.
In other recent news about Bitcoin ETFs, the VanEck Bitcoin ETF has been listed on the Australian Securities Exchange (ASX).
The VanEck Bitcoin ETF operates as a feeder fund, enabling investors to gain exposure to Bitcoin by investing in the U.S.-listed VanEck Bitcoin Trust (HODL).
