U.S. spot bitcoin exchange-traded funds (ETFs) have seen a combined net outflow of nearly $1.3 billion over the past two weeks, the largest outflow since April. According to data from Farside Investors, these investment products have seen outflows of about $1.298 billion over the past two weeks.
Grayscale’s GBTC was the biggest hit during the same period, with net outflows of $517.3 million. Meanwhile, BlackRock’s IBIT was the only fund to see net inflows over the past two weeks, with its reserves increasing by $43.1 million.
U.S. spot Bitcoin ETFs suffered outflows for the seventh consecutive day yesterday, with investors withdrawing $174.45 million from these funds. Once again, GBTC led the wave after registering a net outflow of $90 million, data from SosoValue showed.
Fidelity’s FBTC was the second-biggest loser, with a net outflow of $35 million. Meanwhile, Franklin Fidelity’s EZBC saw its first negative net outflow since May 2, with investors withdrawing $20.8 million.
Many other spot Bitcoin ETFs also recorded outflows. Funds such as Bitwise’s BITB, Ark Invest and 21Shares’ ARKB, Invesco and Galaxy Digital’s BTCO, and VanEck’s HODL saw outflows.
Meanwhile, BlackRock’s IBIT and funds belonging to Valkyrie, WisdomTree and Hashdex all saw no inflows yesterday. In the last trading day, no spot Bitcoin ETF saw inflows.
Peter Schiff says Bitcoin has officially entered a bear market. As the chief economist and global strategist at Euro Pacific Asset Management, he believes that Bitcoin has officially entered a bear market.
“Since March 14th, Bitcoin is down 14% despite buying by 11 spot Bitcoin ETFs,” he said in a June 21 post. He then compared the performance of the leading cryptocurrency to gold over the same period.
With gold up 10% since March 14, Schiff questioned whether investors who sold their gold ETF holdings to buy Bitcoin ETFs are beginning to realize their “mistake.”
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