PiCK
US Spot-Bitcoin ETFs See Second-Biggest Weekly Outflow, Extend Streak to Seven Weeks
Summary
- US spot-Bitcoin ETFs posted net outflows for a seventh straight week, extending a slide in investor sentiment.
- US spot-Bitcoin ETFs saw net outflows of $1.79 billion last week, the second-largest weekly outflow since the products launched.
- The market says weaker demand for risk assets has been driven by Bitcoin's price decline and the Fed's hawkish monetary policy, while any easing in ETF outflows is a key factor for a near-term recovery in sentiment.
Forecast Trend Report by Period
US spot-Bitcoin exchange-traded funds posted net outflows for a seventh straight week, underscoring weakening investor sentiment.
Farside Investors data showed US spot-Bitcoin ETFs recorded net outflows of $1.79 billion in the week of June 22 to June 26. That was the second-largest weekly net outflow since the funds launched.
The products have now logged seven consecutive weeks of net outflows since mid-May, the longest such streak since their debut in January 2024.
The largest outflow came from BlackRock's IBIT. In the latest daily tally alone, $444.51 million left the fund, worsening overall ETF flows.
Market watchers attribute the outflows to Bitcoin's price decline and the Federal Reserve's hawkish monetary policy stance. Renewed expectations of interest-rate increases have weakened demand for risk assets.
Bitcoin has recently traded around $60,000. Whether ETF outflows begin to ease is seen as a key factor in any near-term recovery in investor sentiment.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.