The cryptocurrency market was shaken by another wave of decline last night. Bitcoin ($BTC) fell below $60,000, while Ethereum and major altcoins also saw significant pullbacks.
No single trigger has been identified for the sell-off. Reasons cited include the Fed’s hawkish stance, six consecutive weeks of outflows from spot ETFs, decreased liquidity during the summer months, and the expiration of quarter-end options on June 30th.
Due to the recent declines, the negative sentiment and outflows in US spot ETFs continue. At this point, outflows from ETFs have reached record levels.
According to a report by the US financial platform Kobeissi Letter, there has been a net outflow of $6.4 billion from US spot Bitcoin ETFs in the last 30 days. This figure represents the largest monthly net outflow recorded to date.
With these outflows, cumulative inflows into spot $BTC ETFs over the past 12 months have also fallen to $5 billion. The current figure is about half of the $10 billion recorded in October last year.
According to Farside Investors data, US spot Bitcoin ETFs saw net outflows for the fifth consecutive day. On Wednesday, ETFs experienced net outflows of $469 million.
BlackRock’s IBIT fund led the way in Bitcoin ETF outflows with $239.3 million, followed by Fidelity’s FBTC fund with $120.8 million.
Bitwise’s BITB fund saw outflows of $27.5 million, Ark Invest’s ARKB fund outflows of $50.7 million, and Grayscale’s GBTC fund outflows of $54.3 million, while Grayscale’s Mini $BTC fund was the only fund to experience an inflow of $23.6 million.
In contrast, Morgan Stanley’s MSBT; Wisdom Tree’s BTCW; VanEck’s HODL; Invesco’s BTCO; Franklin Templeton’s EZBC; and Valkyre’s BRRR fund recorded 0 flow.
Outflows Continue in Ethereum ETFs!
Ethereum ETFs also experienced outflows. According to Farside Investors data, spot Ethereum ETFs saw net inflows for the fifth consecutive day, resulting in a total net outflow of $30.2 million.
According to the data, outflows were observed in three funds. Fidelity’s FETH fund topped the list with an outflow of $15.7 million. It was followed by BlackRock’s ETHA fund with $8.1 million and Grayscale’s Mini Ethereum ($ETH) fund with $6.5 million.
In contrast, BlackRock’s ETHB; Bitwise’s ETHW; 21Shares’ TETH; VanEck’s ETHV; Invesco’s QETH; and Franklin Templeton’s EZET funds all recorded 0 flows.
What’s the Situation with Solana and $XRP ETFs?
While Bitcoin and Ethereum ETFs are experiencing outflows, the situation is mixed in altcoin ETFs.
Accordingly, $XRP spot ETFs saw inflows of $2.05 million, while Solana spot ETFs recorded zero inflows yesterday.
*This is not investment advice.