Key Points
- US spot Bitcoin ETFs witness net outflows of $226 million, with Fidelity’s FBTC experiencing the largest outflow.
- Despite the outflows, the 11 spot Bitcoin ETFs in the US have accumulated a total net inflow of $15.30 billion since their January listing.
US Bitcoin ETFs See Significant Outflows
The 11 US spot Bitcoin exchange-traded funds (ETFs) reported large net outflows of $226.21 million in a single day.
Fidelity’s FBTC fund recorded its second-largest net outflow day since its inception, with $106 million moving out of the fund, as per data from SoSoValue.
Other Funds Also Experience Outflows
Other funds such as Grayscale’s GBTC and Ark Invest and 21Shares’ ARKB also experienced outflows of $62 million and $53 million respectively.
Bitwise and VanEck’s funds saw net outflows worth around $10 million, while Invesco and Galaxy Digital’s BTCO experienced $3 million in net outflows.
The only fund to report a net inflow was BlackRock’s IBIT, the largest spot Bitcoin fund in terms of net asset value, which drew in $18 million.
Despite the outflows, these 11 spot Bitcoin ETFs have accumulated a total net inflow of $15.30 billion since their listing in January.
Meanwhile, the price of Bitcoin has decreased by 1.48% in the past 24 hours to $66,704.
In other news, the Securities and Exchange Commission (SEC) Chair, Gary Gensler, has indicated that the regulatory body might make a decision on the spot Ethereum funds during this summer.
The SEC gave preliminary approval for spot Ethereum ETF applications last month, and the issuers are now awaiting the green light for their S-1 registration statements for an official launch.
Analysts anticipate that spot Ethereum funds could attract up to 20% of investments currently flowing into spot Bitcoin ETFs.
However, some believe that institutional investors may find the spot Ethereum funds unattractive as issuers have removed the staking components from the ETFs due to regulatory uncertainty.