Spot Bitcoin exchange-traded funds (ETFs) in the U.S. are experiencing a third consecutive week of negative net flows as the price of BTC drops below $60,000.
According to data provided by Farside investors, the outflow of spot BTC ETFs reached $174.5 million on June 24. The Grayscale Bitcoin Trust (GBTC) was the main driver of these negative net flows, a trend that has been observed since the early days of the investment products.
Notably, GBTC saw outflows of $90.4 million, the highest since June 11. Other spot Bitcoin ETFs also contributed to the overall negative net flow data, with no product experiencing any inflows yesterday. The last time this pattern occurred was on June 11, but most ETFs were trading flat at that time.
This time, up to seven products witnessed outflows, with the Fidelity Wise Origin Bitcoin Fund (FBTC) experiencing the second-largest outflow at $35.2 million. The Franklin Bitcoin ETF (EZBC) ranked third in terms of bearish metrics, with $20.9 million in negative net flows.
Interestingly, BlackRock’s iShares Bitcoin Trust (IBIT) defied the negative trend and maintained zero flows on June 24. Notably, IBIT has protected itself against any negative flows during the ongoing market downturn. The last time the product experienced a negative net flow was on May 1, when it recorded a net outflow of $36.9 million.
Following the latest performance, cumulative net flows on spot Bitcoin ETFs have dropped to $14.38 billion. It should be noted that this figure fell below the $15 billion mark on June 17 after recording $145.9 million in negative net flows. This recent data marks the seventh consecutive day of net outflows from these products.
This bearish development comes at a time when Bitcoin is struggling to overcome the prevailing bearish pressure. At the time of writing, Bitcoin is up by 0.8% and is trading at $60,772. This mild recovery follows a 4.61% drop the previous day.
It is worth noting that BTC briefly fell below $60,000 yesterday, reaching a one-month low of $58,402 before rebounding.
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