🌎 Spot Bitcoin ETFs See Third Week of Negative Net Flows

Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have entered their third week of sustained negative net flows, with the BTC price dipping below $60,000.

According to data from Farside investors, the amount of spot BTC ETF outflows reached $174.5 million on June 24. The negative net flows were primarily driven by the Grayscale Bitcoin Trust (GBTC), which has shown similar trends in both its early trading days and recent times.

GBTC recorded outflows totaling $90.4 million, the largest since June 11. Other spot Bitcoin ETFs also contributed to the cumulative negative netflow data, with no product witnessing any inflow on the same day. This pattern was last observed on June 11, but most ETFs traded flat then.

This time, up to seven products experienced outflows. The Fidelity Wise Origin Bitcoin Fund (FBTC) saw the second-largest outflow at $35.2 million, while the Franklin Bitcoin ETF (EZBC) came third with $20.9 million in negative net flows.

Interestingly, BlackRock’s iShares Bitcoin Trust (IBIT) managed to maintain zero flows on June 24, avoiding the negative trend. The last time IBIT saw a negative netflow was on May 1, with a net outflow of $36.9 million.

Following this performance, cumulative net flows on spot Bitcoin ETFs have dropped to $14.38 billion. This figure fell below the $15 billion mark on June 17 after recording $145.9 million in negative net flows. The recent data marks the seventh consecutive day of net outflows from these products.

This bearish trend coincides with Bitcoin’s struggle against ongoing bearish pressure. Bitcoin is up by 0.8% and is trading at $60,772 at the time of writing. The mild recovery effort follows a 4.61% drop the previous day.

BTC briefly broke below $60,000 yesterday, hitting a one-month low of $58,402 before rebounding.