🌎 Spot Bitcoin ETF Outflows Continue, Net Inflows Fall Below $15B

Spot Bitcoin (BTC) exchange-traded fund (ETF) outflows continued at the start of the week, causing the total net inflows of investment products in the U.S. to drop below $15 billion.

Spot Bitcoin ETF Outflows

According to data provided by Farside Investors, spot Bitcoin ETFs recorded a net outflow of $145.9 million on June 17. The majority of these outflows stemmed from the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB), which saw outflows of $92 million and $50 million, respectively.

Additionally, the VanEck Bitcoin Trust (HODL) and Grayscale Bitcoin Trust (GBTC) experienced smaller outflows, with $3.8 million and $3 million, respectively.

Inflow Counterbalance

Despite the bearish market sentiment and continuous outflows, the Bitwise Bitcoin ETF (BITB) recorded $2.9 million in inflows on June 17. The remaining ETFs remained neutral.

Weekly Outflows

It’s important to note that spot Bitcoin ETFs saw $580.6 million in net outflows last week alone. These significant outflows followed four weeks of consecutive net inflows, totaling roughly $4 billion.

The latest series of outflows has brought the total net inflows in spot BTC ETFs to $14.96 billion, based on data from Farside Investors.

Broader Market Impact

The outflows occur as the broader crypto market experiences increased FUD (fear, uncertainty, and doubt), with the BTC price falling below the $66,000 mark. According to the report, the global cryptocurrency market capitalization dropped by 2.6% over the past day, currently standing at $2.485 trillion.