At a Glance:
U.S.-based Bitcoin (BTC)-focused exchange-traded funds (ETFs) saw outflows for the fifth straight day on Thursday. This trend has led to more than $900 million in capital being withdrawn this week.
Grayscale’s GBTC and Fidelity’s FBTC saw the most outflows, while BlackRock’s IBIT was the only fund to see a net inflow.
U.S.-based Bitcoin (BTC)-focused exchange-traded funds (ETFs) saw outflows for the fifth straight day on Thursday. This trend has led to more than $900 million in capital being withdrawn this week.
Eleven exchange-traded funds saw net outflows of $140 million on Thursday. Trading volume that day was $1.1 billion. Greyscale’s GBTC fund, which has seen mostly outflows since converting to a Bitcoin ETF in January 2024, topped the list with $53 million in outflows. Fidelity’s FBTC fund came in second with $51 million in outflows.
BlackRock’s IBIT fund, the industry’s largest fund by assets under management, was the only product to post a positive performance with net inflows of $1 million. The other funds saw no net inflows or outflows on the day.
This outflow is the worst since early May. During that period, total net outflows reached $1.2 billion during the trading sessions between May 5 and May 13. Subsequently, the trend of net inflows improved and more than $4 billion of capital flowed into these funds over the next 19 business days. However, with the start of capital outflows from June 21, this positive trend has reversed.
Bitcoin price has been influenced by several factors in recent weeks, including the $1 billion sale by large holders, the strengthening of the US dollar and the strong performance of the US technology index market.
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