Bitcoin ETFs enjoy 6 days of continued 9-figure outflows

There were further outflows from spot Bitcoin (BTC) exchange-traded funds (ETFs) by the end of the week, with total net outflows for these products reaching over $544 million.

Spot Bitcoin ETFs saw net outflows of $105.9 million on June 21, marking the sixth consecutive day with outflows exceeding $100 million, according to Farside Investors.

The majority of these outflows came from three large funds: Fidelity Wise Origin Bitcoin Fund (FBTC) at $44.8 million, Grayscale Bitcoin Trust (GBTC) at $34.2 million, and ARK 21Shares Bitcoin ETF (ARKB) at $28.8 million.

Spot Bitcoin ETF flows June 14-21 | Source: Farside Investors

Despite the downward trend in the market, not all ETFs followed this trend. Franklin Bitcoin ETF (EZBC) managed to reverse the trend with an inflow of $1.9 million on the same day. For its part, BlackRock’s iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF by holdings, remained neutral with no significant changes.

The recent trend in outflows is notable, especially considering that spot Bitcoin ETFs experienced net outflows of $580.6 million last week. This follows four consecutive weeks of net inflows that collectively added nearly $4 billion to these investment products.

Bitcoin market woes deepen amid rising FUD and whale activity

The broader cryptocurrency market is experiencing increased fear, uncertainty and doubt (FUD), which is reflected in the Bitcoin price falling below $64,500.

On-chain data also revealed significant activity among Bitcoin whales holding significant amounts of BTC. According to the information shared by CryptoQuant CEO Ki Young Ju on X, whales sold approximately $1.2 billion worth of BTC in the last two weeks. This liquidation trend coincided with negative net flows in spot BTC ETFs.

#Bitcoin Long-term conservative whales sold $1.2 billion in the last 2 weeks, most likely through brokers.

ETF net flows are negative, with outflows of $460 million over the same period.

If this approximately $1.6 billion in sell-side liquidity is not purchased OTC, brokers may cash out $BTC It affects the stock markets, it affects the market. pic.twitter.com/oYeKsRqKeF

— Ki Young Ju (@ki_young_ju) June 18, 2024

Ju warned that if this sell-side liquidity is not absorbed at the counter, it could lead to more BTC being deposited on exchanges, potentially further impacting the market.

The price of the cryptocurrency has faced difficulties in recent weeks. On June 21, Bitcoin’s value dropped to $63,500. It has since rebounded slightly, gaining nearly $750 in the past 24 hours, according to CoinGecko.

Bitcoin 7-day price chart | Source: CoinGecko

However, the cryptocurrency has fallen 7.2% over the past 14 days, reflecting ongoing volatility in the market.