Spot Bitcoin ETFs Record Worst Outflows Since April After $1.3B Leave Their Reserves In 2 Weeks

U.S.
spot
Bitcoin
ETFs
(exchange-traded
funds)
saw
nearly
$1.3
billion
leave
their
reserves
collectively
over
the
last
2
weeks,
marking
the
largest
spate
of
outflows
since
April. 

Around
$1.298
billion
has
flowed
out
of
these
investment
products
throughout
the
past
fortnight,
data
from


Farside
Investors

shows. 

Grayscale’s
GBTC
suffered
the
most,
recording
$517.3
million
outflows
during
the
same
period.
Meanwhile,
BlackRock’s
IBIT
was
the
only
fund
that
recorded
net
inflows
over
the
last
2
weeks,
with
$43.1
million
added
to
its
reserves.

Spot
Bitcoin
ETFs
Suffer
Seventh
Consecutive
Day
Of
Outflows

U.S.
spot
Bitcoin


ETFs

suffered
their
seventh
consecutive
day
of
outflows
yesterday,
after
investors
withdrew
$174.45
million
from
the
funds.
Once
again,
GBTC
led
the
onslaught
after
registering
$90
million
outflows,
SosoValue


data

shows.

Fidelity’s
FBTC
was
the
second
biggest
loser
with
its
$35
million
outflows.
Meanwhile,
Franklin
Templeton’s
EZBC
recorded
its
first
negative
net
flows
since
May
2
after
investors
pulled
out
$20.8
million. 

Many
other
spot
Bitcoin
ETFs
recorded
outflows
as
well.
Bitwise’s
BITB,
Ark
Invest
and
21Shares’
ARKB,
Invesco
and
Galaxy
Digital’s
BTCO,
and
VanEck’s
HODL
were
among
the
funds
that
saw
capital
exit
their
reserves. 

Meanwhile,
BlackRock’s
IBIT,
as
well
as
the
funds
belonging
to
Valkyrie,
WisdomTree
and
Hashdex
recorded
zero
flows
yesterday.
None
of
the
spot
Bitcoin
ETFs
posted
inflows
during
the
last
trading
day.

Peter
Schiff
Says
Bitcoin
Has
Officially
Entered
Its
Bear
Market

Peter
Schiff,
Euro
Pacific
Asset
Management’s
chief
economist
and
global
strategist,
believes
that
Bitcoin
has
officially
entered
bear
market
territory.

Now
that

#Bitcoin
is
again
trading
below
$59K,
it’s
back
in
official
bear
market
territory,
down
over
20%
from
its
record
high.
But
in

#gold
terms,
the
bear
market
has
been
far
more
ferocious,
with
Bitcoin
now
down
over
30%
priced
in
gold.
The
bear
is
still
young.
Look
out
below.

—
Peter
Schiff
(@PeterSchiff)

June
24,
2024

“Since
March
14th,
despite


buying

from
11
spot
Bitcoin
ETFs,
Bitcoin
is
down
14%,”
he
said
in
a
Jun.
21
X


post.
He
then
went
on
to
compare
the
leading
crypto’s
performance
to
that
of
gold
during
the
same
period. 

With
the
commodity
up
10%
since
Mar.
14,
Schiff
questioned
whether
investors
who
sold
their
holdings
in
gold
ETFs
to
buy
into
Bitcoin
ETFs
are
starting
to
realize
their
“mistake.” 

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