PiCK
US Spot-Bitcoin ETFs Post $1.72 Billion Weekly Outflow, Second-Largest on Record
Summary
- More than $1.72 billion in net outflows hit U.S. spot-Bitcoin ETFs last week, adding to concerns over weakening U.S. institutional demand.
- BlackRock's IBIT and Fidelity's FBTC posted $1.337 billion and $202 million in net outflows, respectively, while Morgan Stanley's MSBT saw $35.05 million in net inflows.
- Spot-Bitcoin ETFs' total net asset value stood at $75.12 billion, and the ratio of ETF net assets to Bitcoin's market capitalization was 6.08%%, with ETF flows seen as a key variable for Bitcoin's near-term direction.
Forecast Trend Report by Period
U.S. spot-Bitcoin exchange-traded funds recorded net outflows of more than $1.7 billion last week, marking the second-largest weekly withdrawal on record and adding to concerns about weakening institutional demand in the U.S.
Odaily, citing SoSoValue data on June 8, reported that spot-Bitcoin ETFs saw total net outflows of $1.72 billion during the five trading days from June 1 to June 5.
BlackRock's iShares Bitcoin Trust (IBIT) posted the biggest outflow, with $1.337 billion leaving the fund last week. Its cumulative net inflow since inception still stood at $62.47 billion.
Fidelity's spot-Bitcoin ETF, FBTC, also posted a net outflow of $202 million for the week. Its cumulative net inflow since inception was $10.39 billion.
Morgan Stanley's spot-Bitcoin ETF, MSBT, bucked the trend with a net inflow of $35.05 million last week. Its cumulative net inflow since inception stood at $268 million.
The total net asset value of spot-Bitcoin ETFs was $75.12 billion. That was equal to 6.08% of Bitcoin's total market capitalization. Cumulative net inflows across the category reached $53.94 billion.
ETF flows are viewed as a key determinant of Bitcoin's short-term direction. With the Coinbase Bitcoin Premium Index staying in negative territory for 21 consecutive days and spot ETF outflows continuing, the recovery in U.S.-driven buying demand has emerged as a key point for the market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
