The U.S. Bitcoin spot ETF market continued its bearish momentum in June, recording significant capital withdrawals during the first trading week of June. The latest outflows come after a difficult May, as investor sentiment surrounding Bitcoin continues to deteriorate amid strong macroeconomic uncertainty.
Bitcoin spot ETF records first green day in 15 years
According to data from SoSoValue, Bitcoin spot ETFs recorded total net outflows of approximately $1.72 billion between June 1 and June 5 as the market price fell to around $60,000. The negative performance follows total net outflows of $2.43 billion in May, indicating an extended period of capital flight for investment funds. Over the last 15 trading sessions, the Bitcoin ETF has recorded positive net flow on only one day. That said, on June 4th it recorded a modest $3.05 million, highlighting the prevailing bearish sentiment among institutional investors.
Looking at individual performance, BlackRock’s IBIT accounted for the majority of withdrawals this week after recording net outflows of $1.34 billion. Meanwhile, Fidelity’s FBTC recorded a net redemption of $201.92 million, while Grayscale’s GBTC suffered an additional loss of $144.36 million. Other funds that experienced significant selling pressure included Invesco’s BTCO, Bitwise’s BITB and ArkInvest/21Shares, which recorded net withdrawals of $12.65 million, $15.57 million and $49.71 million, respectively.
Meanwhile, Grayscale’s BTC, Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI ended the week with no net flows. Only two investment funds attracted relevant new capital, with Van Eck’s HODL recording net inflows of $4.22 million, while MSBT added $35.05 million. As of this writing, cumulative net inflows into Bitcoin spot ETFs total $53.94 billion. Meanwhile, total net worth is now $75.12 billion, down 20.19% from last week.
The Ethereum ETF lost an additional $168 million due to market turmoil.
Like Bitcoin, the Ethereum spot ETF opened accounts in June with significant investor withdrawals. Over the past week, the fund recorded total net outflows of $168 million, with total net assets falling from $11.78 billion to $9.78 billion.
Recent figures suggest that institutional investors are adopting a more cautious approach as they navigate an increasingly uncertain macroeconomic environment. At press time, the value of Bitcoin was $61,592, reflecting a slight increase of 2.00% over the past day. Meanwhile, Ethereum is trading at $1,612 after rebounding from cycle lows near $1,500.
Featured image from Shutterstock, chart from Tradingview
editing process for focuses on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards, and each page is diligently reviewed by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of the content for readers.
