Bitcoin ETF Outflows in the U.S.

Spot bitcoin (BTC) exchange-traded funds (ETFs) listed in the U.S. experienced their fifth consecutive day of outflows on Thursday, resulting in a total loss exceeding $900 million for the week. Data compiled by SoSoValue indicates that the 11 listed ETFs collectively lost $140 million on Thursday, with a total trading volume of $1.1 billion.

Grayscale’s GBTC, which has predominantly seen outflows since its conversion to an ETF in January, led the outflows with $53 million, followed by Fidelity’s FBTC at $51 million. BlackRock’s IBIT, the largest ETF by assets held, was the only product that recorded net inflows, amounting to $1 million. The remaining products showed no significant net inflow or outflow activity.

• Outflows from U.S.-listed bitcoin ETFs: $140 million on Thursday (SoSoValue)

This recent outflow activity marks the most significant since late April when a total of $1.2 billion in net outflows occurred during trading sessions from April 24 to May 2. Subsequently, there was a period of inflows, with the products accumulating over $4 billion in the following 19 trading days, before the current outflow trend commenced on June 10.

The decline in BTC prices over recent weeks can be attributed to various factors, including significant sales totaling $1 billion from large holders, the strength of the U.S. dollar, and the robust performance of the U.S. technology index market.