- Bitcoin ETFs see $106M outflow, marking six consecutive days of withdrawals, totaling $545M this week.
- Fidelity’s FBTC leads outflows with $44.8M, followed by Grayscale’s GBTC at $34.2043M.
- Despite outflows, Bitcoin ETF net asset value remains at $55.547 billion after 112 trading days.
On Friday, the U.S. Bitcoin spot ETF market experienced withdrawals amounting to $106 million. This was the sixth day in a row of outflows, a pattern that has continued all week. Consequently, the cumulative outflow reached $545 million, reflecting a broader downturn in the cryptocurrency market.
Leading ETFs in Outflows
Fidelity’s FBTC led the outflows on Friday with $44.8 million, followed by Grayscale’s GBTC, which recorded a $34.2043 million outflow. Ark Invest’s ARKB also experienced significant outflows, totaling $28.8 million.
Conversely, several ETFs, including BlackRock’s IBIT, Bitwise’s BITB, VanEck Bitcoin Trust’s HODL, Valkyrie Bitcoin Fund’s BRRR, and Invesco Galaxy’s BTCO, reported zero net flow on Friday.
In contrast, the Franklin Bitcoin ETF (EZBC) was the sole outlier, recording a modest inflow of $1.9 million. These movements have reduced the cumulative total net inflow to $14.56 billion after 112 trading days, with Bitcoin spot ETFs’ total net asset value standing at $55.547 billion.
Market Impact and Broader Trends
This persistent trend in Bitcoin spot ETF outflows has surfaced amid the ongoing downturn in the broader crypto market. Bitcoin revisited the $63,378 price level yesterday, a point last seen on May 14, five weeks ago.
As of June 7, Bitcoin traded as high as $71,907 but has since plummeted by roughly 12%. At the same time, the altcoin market has seen losses that are double this percentage during the same timeframe.
The continuous withdrawals from Bitcoin spot ETFs highlight the persistent issues encountered by the emerging market. Investors are still struggling with uncertainty surrounding regulations and overall market instability.
Even though a few institutional players are positive about Bitcoin’s future, recent withdrawals show the necessity for more growth and stability in the crypto system before it can be widely accepted.
