U.Today – The spot ETF ecosystem has continued to lose capital in what is a sustained bearish trend for the asset class. It is still unclear why Wall Street has continued to capitulate to its once aggressive adoption of Bitcoin ETFs, but the current arrangement has triggered a sustained decline in the price of Bitcoin.
According to data from SoSoValue, a total of $139.98 million left spot Bitcoin ETFs on June 20. Grayscale Investments' GBTC turned out to be the biggest loser, with a total outflow of $53 million. Fidelity Investments came in second, with investors withdrawing $51 million.
Bitwise (BITB) also recorded a total outflow of $32 million, while VanEck recorded a capital outflow of $4 million relative to its size. Invesco Galaxy Digital's offer totaled $2 million.
Not all spot Bitcoin ETF products saw outflows, as BlackRock's iShares Bitcoin Trust (IBIT) bucked the trend. The product recorded a daily volume of $565 million, while net income amounted to $1 million. There is a very fine line between Bitcoin ETF inflows and outflows, and based on current market data, all of the products in question showed some sort of increase in trading volume.
Over the past week, spot Bitcoin ETF products saw a net outflow of $900 million, as June 20 marked the fifth consecutive day of outflows. This marks the product's worst performance since mid-April, shortly after the brief entry period in the middle of the month.
The impact of these bearish Bitcoin ETF trends has also resulted in BTC's lackluster performance. In the last 24 hours, the price of the coin has fallen by 2.8% and is trading at $63,784.68. Bitcoin trading volume has increased by 33.93% to $25,990,936,338, shedding a light of confidence.
With this renewed sentiment and hopes of a rally in the Bitcoin ETF spot market, the coin's price could deviate from its trend in the near term.
This article was originally published on U.Today.
