Key Points
- Spot Bitcoin ETFs in the U.S. recorded a net outflow of $78 million for the first time since July 3.
- Spot Ethereum ETFs launched in the U.S. with a net inflow of $106.8 million on the first day.
Spot Bitcoin exchange-traded funds (ETFs) in the U.S. recently experienced a significant change in investor behavior.
Data provided by Farside Investors indicates a net outflow of $78 million on Tuesday, July 23.
Bitcoin ETFs See Outflows
This marks the first outflow for these investment products since July 3.
Up until this point, spot Bitcoin ETFs had seen consistent inflows over the past three weeks, mirroring the broader cryptocurrency market’s rebound.
The most significant outflows came from the Bitwise Bitcoin ETF (BITB), which lost $70.3 million.
The ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) also recorded outflows of $52.3 million and $27.3 million respectively.
Bitcoin Market Performance
Despite these outflows, BlackRock’s iShares Bitcoin Trust (IBIT) maintained its positive trajectory with $71.9 million in inflows.
This occurred even as the wider crypto market registered a slight correction.
CoinGecko data shows that the global crypto market capitalization declined by 0.5% over the past day, dropping to $2.51 trillion.
Bitcoin’s value declined by 0.8% in the past 24 hours, trading around the $66,000 mark.
Meanwhile, Ethereum (ETH), the second-largest cryptocurrency, slipped by 0.1% and is trading at $3,450.
The market-wide correction and Bitcoin ETF outflows coincided with the launch of spot Ethereum ETFs in the U.S.
These new investment products witnessed a net inflow of $106.8 million, with a trading volume of $1.1 billion on the day of their launch.
In comparison, spot Bitcoin ETFs saw $655.3 million in net inflows on their launch day, January 11.
