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Bitcoin ETF Bleeding Continues: $106 Million Outflow in Single Day

Published 06/22/2024, 04:21 PM
Updated 06/22/2024, 04:45 PM
© Reuters.  Bitcoin ETF Bleeding Continues: $106 Million Outflow in Single Day

  • On Friday, the U.S. Bitcoin spot ETF market saw outflows totaling $106 million.
  • Fidelity had the largest single-day outflow of $44.8M, followed by Grayscale.
  • This unyielding bleeding trend surfaced as Bitcoin hit a low of $63,370.

U.S. Bitcoin spot exchange-traded funds (ETFs) experienced a sixth consecutive day of outflows, totaling $106 million on Friday, June 21, amid a broader downturn in the cryptocurrency market.

The market has endured continuous outflows throughout the entire trading week, reaching a cumulative total of $545 million. This marks the sixth consecutive day of negative net inflows for the market.

Among individual ETFs, Fidelity’s FBTC led the outflows on Friday with $44.8 million. Grayscale’s GBTC followed closely with a $34.2043 million outflow. Ark Invest’s ARKB also saw an outflow of $28.8 million. In contrast, several ETFs, including BlackRock’s IBIT, Bitwise’s BITB, VanEck Bitcoin Trust’s HODL, Valkyrie Bitcoin Fund’s BRRR, and Invesco Galaxy’s BTCO, reported zero net flow on Friday.

The Franklin Bitcoin ETF (EZBC) was the sole outlier, recording a modest inflow of $1.9 million.

Image source | Spon On Chain on X

These move…

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