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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