The 13 US spot bitcoin ETFs closed last week with net withdrawals of $1.26 billion, amid significant price losses in the broader cryptocurrency market. It is worth noting, Data from SoSoValue It shows that this is the largest outflow from the Bitcoin ETF market since last week in January, when investor activity led to a net loss of $1.49 billion.
Spot Bitcoin ETFs Record Six Consecutive Red Days
More details on last week’s performance show that the spot Bitcoin ETF market recorded a staggering net outflow of $648.64 million on Monday, representing the largest daily net withdrawal since January 29. Meanwhile, the following days recorded a lower but significantly negative performance such as $331.05 million on Tuesday, $70.47 million on Wednesday, $100.82 million on Thursday, and $105.19 million on Friday.
Combined, the Bitcoin Spot ETFs translate into six consecutive trading days of net outflows, while 80% of the last 10 days are also red days. Looking at the performance of individual funds, BlackRock IBIT investors withdrew $1.01 billion more than depositors, with their cumulative inflows reaching $64.77 billion. The market leader now holds total net assets of $61.09 billion, 6 times that of its closest competitor.
Meanwhile, Fidelity’s FBTC and Ark/21 Shares’ ARKB also saw significant net outflows of $111.5 million and $106.81 million, respectively. ETFs including Bitwise’s BITB, VanEck’s HODL, Valkyrie’s BRRR, Invesco’s BTCO, and Franklin Templeton’s EZBC all have registered offshore capital ranging from $3 million to $10 million. It is worth noting that Morgan Stanley’s MSBT, a new entrant to the market, recorded the only positive performance with net inflows of $1.11. Other funds such as Grayscale’s GBTC & BTC, Hashdex’s DEFI and Bitwise’s BTCW recorded zero net activity.
Following this track record, Bitcoin Spot ETFs have now posted combined net outflows of $1.00 billion in May. Meanwhile, its cumulative net flows stand at $57.08 billion, with its total net assets at $98.87 billion.
The negative streak for Ethereum ETF extends to 10 days
As Bitcoin Spot ETFs face sharp drawdowns, their Ethereum counterparts have fared no better after recording cumulative net outflows of $215.19 million last week. It is worth noting, Data from SoSoValue It shows that Ethereum Spot ETFs have now seen 10 consecutive trading days of net withdrawals worth $471.1 million. Cumulative inflows into the ETF market are $11.62 billion, with total net assets of $11.84 billion, or 4.73% of Ethereum’s market capitalization.
At press time, Bitcoin continues to trade at $76,735, reflecting a daily gain of 1.75%. Meanwhile, Ethereum is valued at $2,119 after a 2.78% increase over the same period.
Featured image from Khabarbo, chart from Tradingview
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