- Spot Bitcoin ETFs fell out of favor with investors on Monday.
- The funds ended their 19-day inflow streak.
- Grayscale’s GBTC fund led the day’s bleeding.
U.S.-based spot Bitcoin exchange-traded funds (ETFs) seemed to have fallen out of favor with investors on Monday, recording their first outflows after 19 consecutive days of strong inflows.
The record-setting 19-day inflow streak ended last Friday after attracting over $4 billion in net inflows. Since their debut in January, the 11 Nasdaq-listed funds have recorded a cumulative net inflow of $15.62 billion.
Bitcoin ETF Flows on June 10
According to preliminary data by Farside Investors, spot Bitcoin ETFs logged a total net outflow of $64.9 million on June 10, with Grayscale’s GBTC accounting for over half of the funds that left the 11 products.
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While the Grayscale Bitcoin Trust bled $39.5 million, Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR), and the Fidelity Wise Origin Bitcoin Fund (FBTC) recorded net outflows of $20.5 million, $15.8 million, and $3 million, respectively.
BlackRock’s iShares Bitcoin Trust (IBIT), the largest fund in terms of net assets, recorded $6.3 million in net inflows as the Bitwise Bitcoin ETF (BITB) saw $7.6 million in inflows.
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The remaining funds witnessed $0 inflows, including Ark Invest’s ARKB, VanEck’s HODL, WisdomTree’s BTCW, Hashdex’s DEFI and Franklin Templeton’s EZBC.
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The latest performance by the 11 funds coincided with Bitcoin’s price hitting weekly low levels last Friday after U.S. non-farm payroll data and unemployment data depicted contradictory outlooks on the U.S. economy.
According to market observers, this likely induced selling pressure on more risky assets, such as cryptocurrencies. Bitcoin was trading at $67,769 at press time after losing nearly 2.5% in the last 24 hours, CoinMarketCap data shows.
Stay updated on the looming Bitcoin supply shock:
Bitcoin Supply Shock Looms as Exchange Balances Plummet
Read about Thailand’s first spot Bitcoin ETF approval:
Thailand Approves First Spot Bitcoin Exchange-Traded Fund (ETF)
