🌎 Spot Bitcoin ETFs See First Net Outflow in Weeks Amid Ethereum ETF Launch

Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced their first net outflow in weeks with the recent launch of spot Ethereum ETFs. According to data provided by Farside Investors, spot Bitcoin ETFs recorded a net outflow of $78 million on July 23. This marks the first outflow since July 3.

Over the past three weeks, spot BTC ETFs had consistent inflows as the cryptocurrency market showed signs of recovery. However, the latest data indicates a shift. Most of the outflows came from the Bitwise Bitcoin ETF (BITB), which saw $70.3 million in outflows. The ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) also recorded significant outflows of $52.3 million and $27.3 million, respectively.

On the flip side, BlackRock’s iShares Bitcoin Trust (IBIT) continued to attract investors, recording $71.9 million in inflows. This occurred despite a soft correction in the cryptocurrency market.

According to CoinGecko, the global crypto market capitalization declined by 0.5% over the past day, falling to $2.51 trillion. Bitcoin itself dropped by 0.8% in the past 24 hours, trading around the $66,000 mark. Ethereum, the second-largest cryptocurrency, slipped by 0.1% and is trading at $3,450.

Market Dynamics and ETF Movements

The market-wide correction and the outflows from spot BTC ETFs coincided with the launch of spot Ethereum ETFs in the U.S. The new Ethereum ETFs saw significant interest, with a net inflow of $106.8 million and a trading volume of $1.1 billion on their launch day.

It’s worth noting that spot Bitcoin ETFs had a notable $655.3 million in net inflows on their launch day back on January 11.