Key Points
- US spot Bitcoin ETFs recorded a daily net outflow of $174.45 million on Monday.
- The outflows occurred as Bitcoin’s price hit a six-week low.
On Monday, the US spot Bitcoin exchange-traded funds (ETFs) reported a total daily net outflow of $174.45 million.
This marked the seventh consecutive day of negative flows.
Details of the Outflows
Grayscale’s GBTC experienced the highest outflow of $90 million.
It was followed by Fidelity’s FBTC, which saw an outflow of $35 million, according to data from SosoValue.
Franklin Templeton’s EZBC also reported net outflows of $20.8 million, its first since May 2.
Other funds such as VanEck’s HODL, Bitwise’s BITB, Ark Invest and 21Shares’ ARKB fund, Invesco and Galaxy Digital’s BTCO also experienced outflows.
BlackRock’s IBIT, the largest spot Bitcoin ETF in terms of net asset value, along with funds from Valkyrie, WisdomTree and Hashdex, recorded zero flows.
Bitcoin Price Decline
These outflows coincided with Bitcoin’s price hitting its lowest point in nearly six weeks, where it briefly went under the $60,000 mark on Monday.
At the time of publication, it was trading at $61,191, down 2.36% in the past 24 hours.
Bitcoin’s price decline followed a significant announcement from Mt. Gox, the defunct cryptocurrency exchange that declared bankruptcy in 2014 after suffering multiple hacks.
Mt. Gox announced plans to distribute $9 billion worth of Bitcoin and Bitcoin cash repayments to creditors from July.
Analysts suggest that the Mt. Gox announcement is a classic ‘sell the news’ scenario, causing concerns among investors of a likely influx of supply that could be liquidated upon receiving.
