US Spot Bitcoin ETFs Report $226M outflows, Fidelity’s FBTC leads

• The U.S. spot Bitcoin ETFs reported $226 million in net outflows on Thursday.
• Fidelity’s FBTC saw net outflows of $106 million, its second largest since its debut.
• SEC anticipates a summer decision on spot ether ETFs.

US spot bitcoin ETFs experienced significant outflows of $226 million on Thursday. Fidelity’s FBTC led the pack, with net outflows reaching $106 million. This marked the second-largest outflow for FBTC since its inception. According to data from SoSoValue, the overall impact saw 11 US spot Bitcoin ETFs reporting a cumulative net outflow of $226.21 million.

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Breakdown of Outflows by Fund

Grayscale’s GBTC also faced substantial withdrawals, recording net outflows of $62 million. Ark Invest and 21Shares’ ARKB followed closely, seeing $53 million exit from their funds. 

Smaller outflows were observed from Bitwise and VanEck, each around $10 million. Invesco and Galaxy Digital’s BTCO also saw net outflows of $3 million. However, BlackRock’s IBIT was the sole fund to record net inflows, attracting $18 million on Thursday.

Cumulative Inflows and Market Impact

Despite the recent outflows, the 11 spot Bitcoin ETFs have amassed a total net inflow of $15.30 billion since their listing in January. The price of bitcoin has seen a slight decline, dropping 1.48% over the past 24 hours to $66,704. 

In related developments, SEC Chair Gary Gensler indicated that a decision on spot ether funds might come over the summer. Last month, the SEC gave preliminary approval for spot ether ETF applications, with issuers awaiting the green light for their S-1 registration statements.

Analysts at JPMorgan expect spot ether funds to start trading before November this year. Bitfinex analyst Jag Kooner predicts these funds could capture up to 20% of investments currently directed to spot bitcoin ETFs. However, crypto derivatives trader Gordon Grant noted that institutional investors might find spot ether funds less appealing due to the removal of staking components, a decision driven by regulatory uncertainties.

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