Spot Bitcoin ETFs reverse 7-day outflow streak
After a week of net outflows, United States-based spot Bitcoin exchange-traded funds (ETFs) saw a reversal on June 25, with net inflows reaching $31 million.
Data from SoSo Value indicates a reversal from the past seven consecutive trading days, which saw $1.1 billion in total outflows from the sport Bitcoin (BTC) ETFs.
Outflow trend reversal
The data shows the Fidelity Wise Origin Bitcoin Fund (FBTC) led net inflows on Tuesday, June 25, with $49 million, followed by the Bitwise Bitcoin ETF (BITB) with $15 million in inflows, and the VanEck Bitcoin Trust ETF (HODL) with net inflows of $4 million.
On the other hand, the Grayscale Bitcoin Trust (GBTC) saw net outflows of $30.3 million, while the ARK 21Shares Bitcoin ETF reported $6 million in net outflows.
However, BlackRock’s iShares Bitcoin Trust ETF (IBIT) — the biggest fund by assets under management — saw no inflows on June 25. The same was true for ETFs from Invesco Galaxy, Valkyrie and Franklin Templeton.
As of June 25, the 11 spot Bitcoin funds that debuted in January have seen net inflows of $14.42 billion.
Related: Bitcoin sentiment index drops to ‘fear’ — its lowest score in 18 months
Recent outflows from the U.S.-based spot Bitcoin ETFs are the highest since April, when they posted total net outflows exceeding $1.2 billion between April 24 and the beginning of May.
Spot Ether ETFs poised for launch
Following a soft approval of spot Ether (ETH) ETFs by the U.S. Securities and Exchange Commission (SEC) in May, prospective U.S. issuers continue to finalize their registrations prior to launch.
As part of the process, firms have been submitting amended Form S-1 registration statements recently. Spot Ether ETFs could potentially begin trading in the U.S. by July 2, according to Bloomberg ETF analyst Eric Balchunas.
On June 25, investment manager VanEck filed a Form 8-A with the SEC for its spot Ether ETF, bringing it one step closer to launching.
The price of Bitcoin rose from $61,359 on June 25 to $61,732 at the time of publication, marking a 0.6% increase, according to TradingView data.
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