Spot Bitcoin and Spot Ethereum exchange-traded funds (ETFs) traded in the United States were affected by investor outflows on June 18th. ETFs focused on Bitcoin and Ethereum both recorded net outflows for the second consecutive trading day, according to the latest data. This is seen as one of the developments indicating that institutional investors’ investment appetite in the virtual currency market is weakening in the short term.
According to the data, there was a total net outflow of $90.7 million from the US Spot Bitcoin ETF. The largest single-day outflow was from BlackRock’s iShares Bitcoin Trust (IBIT) fund, one of the world’s largest asset managers. The IBIT fund took out $96.7 million, and VanEck’s HODL ETF also had a net outflow of $4.4 million.
However, some funds recorded limited positive inflows. The Morgan Stanley-backed MSBT fund generated net capital inflows of $10.4 million on the day, partially offsetting the overall outflow trend. However, this inflow was not sufficient to prevent the entire net outflow.
On the other hand, a similar situation appeared with Spot Ethereum ETF. The US-traded Spot Ethereum ETF recorded net outflows of $12.8 million on June 18th. Therefore, the Ethereum ETF experienced investor outflows for the second day in a row.
All outflows from Ethereum are coming from BlackRock’s ETHA fund. According to the data, $12.8 million was withdrawn from the ETHA ETF during the day. No other Ethereum ETFs have reported significant inflows or outflows.
Market analysts suggest that the recent outflows from ETFs may be related to uncertainty in the crypto market, macroeconomic trends, and changes in investors’ risk appetite. Nevertheless, they stress that spot ETFs remain an important tool for institutional investors to access crypto assets over the long term.
*This is not investment advice.
