TL;DR
- Bitcoin ETFs recorded net outflows of $226.21 million on June 13.
- Fidelity’s FBTC ETF led the outflows with $106.45 million.
- The only ETF that recorded net inflows was BlackRock’s IBIT, with $18.23 million.
The Bitcoin ETF market in the United States experienced a significant day of net outflows on June 13, 2024, totaling $226.21 million.
Fidelity Investments was the hardest hit, as its FBTC ETF recorded net outflows of $106.45 million, representing almost half of the total outflows in the market.
📊 Bitcoin ETF Tracker | 2024-06-13
🟥 Daily Total Net Inflow -$226.21M
💰 Total Value Traded $1.79B
🏦 Total Net Assets $58.53B
📊 ETF Market Value Ratio 4.45%🥇 Net Inflows/Outflows for Each ETF
🟩 IBIT +$18.23M
⬜️ BTCW $0
⬜️ BRRR $0
⬜️ EZBC $0
⬜️ DEFI $0
🟥 BTCO -$2.66M
🟥… pic.twitter.com/Xmjp6Buo5k— SoSo Value (@SoSoValueCrypto) June 14, 2024
This was the second largest withdrawal for FBTC since its market debut, reflecting a worrying trend for this particular ETF.
Other ETFs also experienced sizable net outflows.
Grayscale’s GBTC ETF saw $61.53 million outflow, while Ark Invest’s ARKB saw outflows of $52.66 million.
Bitwise wasn’t far behind, with $9.82 million withdrawn from its BITB ETF, and VanEck’s HODL fund lost $11.32 million.
Even Invesco and Galaxy Digital’s BTCO were not spared from outflows, with $2.66 million withdrawn.
Amid these widespread outflows, BlackRock stood out with its IBIT ETF, the only one to register net inflows, accumulating $18.23 million.
This exception indicates possible investor confidence in BlackRock’s management and prospects compared to other funds.
The context for these fluctuations includes a generally unstable cryptocurrency market.
The price of Bitcoin has fallen 5.9% in the last week, trading around $66,900 at the time of writing, after reaching highs near $70,000.
Ethereum has also suffered a decline, dropping almost 8% in the last week to sit at approximately $3,500.
Despite recent volatility, Bitcoin ETFs in the United States had shown strong cumulative performance until recently.
Prior to the June 13 outflows, total cumulative net inflows to all Bitcoin ETFs in the US had reached $15.5 billion, although this figure dropped to approximately $15.3 billion after the day of large outflows.
Future Outlook for Bitcoin ETFs
The future of Bitcoin ETFs remains uncertain, but not without hope.
SEC Chairman Gary Gensler has indicated that the agency could approve applications for Ethereum ETFs in the summer, which could have a significant impact on the cryptocurrency market and related ETFs.
This news comes at a crucial time as both Bitcoin and Ethereum are struggling to maintain key price levels.
Investors are keeping an eye on how these regulatory developments will influence the stability and growth of cryptocurrency ETFs.
The possible approval of Ethereum ETFs could diversify the options available and potentially stabilize the recent outflows of Bitcoin ETFs.
The current volatility may be seen as a buying opportunity for some, while others may choose to wait for greater regulatory clarity and price stability.
In any case, the market’s attention remains focused on the next moves of regulators and how these will influence investor confidence and behavior in the cryptocurrency ETF space.
With price fluctuations and regulatory uncertainty, the coming months will be crucial in determining the long-term direction of the Bitcoin and Ethereum ETF market.
Investors should be prepared for continued volatility, but also for potential opportunities as the market evolves and adapts to regulatory and market changes.
