TL;DR
- After 15 consecutive days of net inflows, U.S. spot Bitcoin ETFs saw a sudden $342.2 million outflow as BTC hovered near $106,000.
- Fidelity’s Wise Origin and Grayscale’s Bitcoin Trust led redemptions ($172.7 M and $119.5 M, respectively), while BlackRock’s fund remained flat.
- Despite this blip, year-to-date inflows total $13.5 billion and assets under management exceed $128 billion, signaling continued institutional conviction.
U.S. spot Bitcoin ETFs saw their 15-day net inflow streak snapped on Tuesday, registering a combined $342.2 million in outflows. After almost $4.7 billion poured in over the past two weeks, investors pulled cash as Bitcoin hovered around $106,000. This sudden reversal underscores how sensitive institutional flows can be to broader market cues, even as overall demand since its debut in January 2024 has topped $48.9 billion.
Outflows Led by Fidelity and Grayscale
Fidelity’s Wise Origin Bitcoin Fund faced significant selling pressure, resulting in $172.7 million being redeemed. Grayscale’s Bitcoin Trust followed with $119.5 million in outflows, while ARK 21Shares and Bitwise saw $27 million and $23 million depart, respectively.
BlackRock’s iShares Bitcoin Trust, which had driven $3.8 billion in inflows over the same 15-day window, recorded flat flows, ending its individual streak without adding more capital or seeing significant redemptions.
Farside Daily Flow Chart Highlights Volatility
Daily data from Farside Investors paints a detailed picture of the stop-start nature of ETF demand in June. On June 12, BlackRock’s IBIT had $288 million in inflows, while Fidelity’s FBTC experienced $197 million in outflows. Flows peaked on June 24, with a whopping $588 million injected across ten funds, led by IBIT’s $436 million.
Just days later, June 30 marked a quiet session with only $102 million in net inflows, IBIT contributed $112 million while ARK 21Shares saw $10 million reversed. Across the month, the average daily net inflow reached $133 million, but volatility remained high, with single-day inflows swinging between $1.12 billion and $1.11 billion in net outflows.
Looking Ahead: Institutional Appetite on Watch
Despite this hiccup, cumulative inflows year-to-date stand at $13.5 billion, and total assets under management exceed $128 billion. Analysts view the pause not as a trend reversal but as a recalibration ahead of fresh catalysts, whether macroeconomic data, regulatory clarity, or Bitcoin breaching new highs.
With Ethereum ETFs still drawing daily capital and U.S. spot products providing a clear on-ramp for large investors, the broader trajectory of institutional adoption remains intact.
