Spot Bitcoin ETFs Reverse 7-Day Loss Streak
26 Jun, 2024 ● Coin news
After experiencing a week of net outflows, U.S.-based spot Bitcoin exchange-traded funds (ETFs) witnessed a turnaround on June 25, with net inflows totaling $31 million.
According to SoSo Value, this marks a shift from the previous seven consecutive trading days, which recorded $1.1 billion in total outflows from these Bitcoin ETFs.
On June 25, the Fidelity Wise Origin Bitcoin Fund (FBTC) led the inflows with $49 million, followed by the Bitwise Bitcoin ETF (BITB) which saw $15 million in inflows, and the VanEck Bitcoin Trust ETF (HODL) which experienced $4 million in net inflows.
Conversely, the Grayscale Bitcoin Trust (GBTC) experienced net outflows of $30.3 million, and the ARK 21Shares Bitcoin ETF saw $6 million in net outflows.
Notably, the BlackRock’s iShares Bitcoin Trust ETF (IBIT) — the largest fund by assets under management — recorded no inflows on June 25, a status shared by ETFs from Invesco Galaxy, Valkyrie, and Franklin Templeton.
As of June 25, the 11 spot Bitcoin funds launched in January have collectively recorded net inflows of $14.42 billion.
The recent outflows from U.S.-based spot Bitcoin ETFs are the largest since April, when they amounted to over $1.2 billion in net outflows from April 24 to early May.
Following a tentative approval by the U.S. Securities and Exchange Commission (SEC) in May for spot Ether ETFs, U.S. issuers have been actively finalizing their registrations in anticipation of launch.
In this context, firms have recently been submitting amended Form S-1 registration statements.
Spot Ether ETFs are expected to begin trading in the U.S. by July 2, according to Bloomberg ETF analyst Eric Balchunas.
On June 25, investment manager VanEck took a significant step by filing a Form 8-A with the SEC for its spot Ether ETF.
Meanwhile, the price of Bitcoin increased from $61,359 on June 25 to $61,732 at the time of this report, a 0.6% rise, based on data from TradingView.
Sources:
https://cointelegraph.com/news/bitcoin-etfs-reverse-outflows-31m-inflows
