As the Bitcoin (BTC) price continues to hit lows, the spot Bitcoin ETFs in the US continue to witness major outflows for seven days in a row. On Monday, June 24, the total outflows across all nine spot Bitcoin ETFs was $174.5 billion, with none of the ETFs recording any kind of inflows. In the last ten days, the total outflows from the spot Bitcoin ETFs have exceeded $1 billion.
After seeing $545 million in outflows, Bitcoin ETFs continue to bleed starting this week. Contributing to Monday’s outflows, Grayscale Bitcoin ETF GBTC recorded the most outflows at $90.4 million, as per data from Farside Investors. This has brought the total outflows from GBTC since inception, almost closer to $18.5 billion.
Fidelity’s FBTC suffered the second-biggest blow with $35 million in outflows on Monday. Since mid-June, FBTC has been seeing consistent outflows with the AUM dropping under $10 billion.
While several other Bitcoin ETFs have registered outflows, BlackRcok’s IBIT hasn’t recorded a single outflow since its inception. However, there have been multiple instances of zero inflows recently.
Well, this current sell-off clearly shows that the early excitement around the launch of the spot Bitcoin ETFs seems to be waning. Also, Bitcoin institutional interest has been dropping with the global market uncertainly. Last week, Bitcoin investment products registered $630 million worth of outflows.
Also Read: Institutional Investors Sell Bitcoin, Ethereum Worth $690M
Amid the current BTC price correction, there’s been a huge divergence with the US stock market, especially the Nasdaq index. As we know, Bitcoin kicked-off the year 2024 with impressive gains following the launch of spot Bitcoin ETFs. However, the Q2 has been more of a consolidation phase as the BTC price remains range-bound.
On the other hand, since mid-May, the NASDAQ continued to show a steady climb extending its year-to-date gains to more than 20%. This clearly shows that the tech stocks have an edge over Bitcoin.
Bitcoin started the year with a bang. It outpaced the stock market significantly thanks to the launch of the ETFs.
But the recent trends show a divergence:
• Bitcoin – Despite the early gains, BTC is now range-bound.
• NASDAQ – Steady climb since mid-May, 20%+ returns YTD.… pic.twitter.com/ER72ut4irj— ecoinometrics (@ecoinometrics) June 24, 2024
For the Bitcoin price rally to continue, it needs a strong catalyst in the form of liquidity infusion. Any signal of Fed pivot could lead to a strong reversal on the upside.
Also Read: Bitcoin (BTC) Can Underperform Stocks And Bonds for Another Three Months, Here’s Why
The Bitcoin price is back above the psychological $75,000 level after briefly dipping below it…
Tom Lee's Bitmine has bought more ETH over the last 24 hours, boosting its Ethereum…
Bitget has launched SPCXUSDT. The new IPO Pre-Market Perpetual Contract linked to SpaceX, SPCXUSDT will…
The CLARITY Act’s odds of passing before 2027 plummeted below 50% on prediction market platforms…
The U.S. Securities and Exchange Commission has approved Nasdaq's proposal to launch Bitcoin index options.…
The U.S. Securities and Exchange Commission (SEC) has postponed plans to develop rules for trading…