Bitcoin ETFs Experience Major Outflow Following Sustained Inflow Streak

In a surprising turn of events, Bitcoin ($BTC) spot ETFs have seen a significant shift in their financial flow patterns. Despite enjoying a consistent stream of inflows over the past 19 days, yesterday marked a substantial reversal. According to on-chain statistics, the ETFs experienced a massive outflow totaling $65 million. This marked the first incident of outflows after nearly three weeks of steady inflows, with a notable $65 million influx recorded on June 10. However, the net inflow turned negative shortly thereafter.

Grayscale ETF (GBTC) emerged as the most affected, suffering an outflow of $40 million. This significant withdrawal has caught the attention of market analysts, making GBTC the leader in outflows among Bitcoin spot ETFs.

Meanwhile, Bitwise's ETF ‘BITB’ bucked the trend with inflows amounting to $7.5910 million, indicating varied investor sentiment across different funds. BlackRock’s ETF ‘IBIT’ also faced repercussions due to the substantial ETF outflows. SpotOnChain reported that IBIT’s inflows dramatically plunged to $6.3 million from a previous high of $168 million.

This flurry of activity has impacted market prices. The Grayscale ETF now trades at $61.73, while BlackRock and Bitwise ETFs have market prices of $39.59 and $37.87, respectively.

As the market digests these developments, stakeholders will closely monitor the subsequent moves of Bitcoin spot ETFs to gauge future trends and investor confidence.