Key Points:
- U.S. spot Bitcoin ETFs recorded $79 million in net outflows on Tuesday, ending a seven-day inflow streak.
- BlackRock’s IBIT led with $42.98 million in inflows, while ARK and 21Shares’ ARKB saw $134.74 million in outflows.
- The 12 ETFs have now amassed a cumulative net inflow of $21.15 billion.
- Spot Ether ETFs saw modest inflows, led by BlackRock’s ETHA with $11.94 million.
Spot Bitcoin ETFs Return to Outflows After a Strong Run
On Tuesday, U.S. spot Bitcoin exchange-traded funds (ETFs) posted $79.09 million in net outflows, marking a shift after seven consecutive days of inflows. According to data from SoSoValue, this marked a sharp reversal following a week where these ETFs saw over $2.6 billion in cumulative inflows.
The day’s significant outflow came primarily from ARK and 21Shares’ ARKB, which reported a loss of $134.74 million. In contrast, BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF, recorded $42.98 million in inflows. Other notable inflows came from Fidelity’s FBTC, with $8.85 million, and VanEck’s HODL ETF, which took in $3.82 million.
Despite Tuesday’s negative flows, the 12 spot Bitcoin ETFs have still accumulated a total of $21.15 billion in net inflows. However, daily trading volume across these ETFs dropped to $1.4 billion from Monday’s $1.76 billion, reflecting a slight cooling in market activity.
Strong Inflows Coincide with Bitcoin Rally
The recent inflows into Bitcoin ETFs were driven by a broader rally in Bitcoin’s price, which surged above $69,400 earlier in the week. BlackRock’s IBIT alone attracted $1.5 billion during the seven-day inflow streak, a period comparable to the peak activity in March.
The rally in Bitcoin has coincided with growing investor confidence in spot Bitcoin ETFs, which provide direct exposure to the cryptocurrency without requiring investors to hold it themselves. However, the latest outflows suggest some profit-taking after the recent market gains.
Ether ETFs Show Modest Activity
Meanwhile, spot Ether ETFs recorded net inflows of $11.94 million on Tuesday, all of which came from BlackRock’s ETHA fund. The eight other Ether ETFs posted no inflows or outflows. In total, these funds traded $118.4 million, down from $163.18 million the previous day. Ether’s price has also seen a minor decline, trading at $2,611 after a 0.99% dip over the past 24 hours.
Although Ether ETFs have seen relatively lower activity compared to their Bitcoin counterparts, they continue to garner interest from investors, particularly amid fluctuations in the broader crypto market.
With these shifts, the crypto ETF landscape remains dynamic as investors weigh the opportunities and risks in the evolving market.
