Bitcoin exchange-traded funds (ETFs) have seen a continued drain of capital, indicating a sustained downtrend for this asset class.
It remains unclear why Wall Street has backed away from its aggressive approach to spot Bitcoin ETFs, but the result is a continued decline in the price of Bitcoin.
According to data released by SoSoValue, total outflows of Bitcoin ETFs reached $139.98 million on June 20.
The Grayscale Investments fund was the most affected, as it recorded outflows of $53 million.
Fidelity Investments followed by recording outflows amounting to $51 million.
Bitwise Funds (BITB) also saw outflows of $32 million, while VanEck recorded a capital loss of $4 million relative to its size.
As for the “Invesco Galaxy Digital” fund, it witnessed outflows worth $2 million.
Despite this general trend, BlackRock's iShares Bitcoin Trust (IBIT) was an exception, recording a daily trading volume of $565 million with net inflows of $1 million.
Almost all spot Bitcoin ETF products saw an increase in trading volume, reflecting continued interest in the market despite significant outflows.
Over the past week, Bitcoin ETF products recorded net outflows of $900 million, and June 20 was the fifth straight day in terms of outflows, marking the worst performance for these products since mid-April.
