Spot bitcoin exchange-traded funds (ETFs) in the US moved back to negative daily flows on Tuesday after seven consecutive days of net inflows. This shift followed a period of steady inflows.
Tuesday’s Outflow of $79 Million
According to data from SoSoValue, 12 spot bitcoin ETFs saw a total net outflow of $79.09 million. The most significant outflow came from the ARKB fund by Ark and 21Shares, which saw $134.74 million withdrawn.
On the other hand, BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, reported an inflow of $42.98 million. Fidelity's FBTC fund recorded an inflow of $8.85 million, while VanEck's HODL had a net inflow of $3.82 million. The other eight funds, including Grayscale's GBTC, saw no flows for the day.
The total outflow on Tuesday reduced the cumulative net inflow for these 12 ETFs to $21.15 billion. Daily trading volume for these ETFs also decreased, dropping from $1.76 billion on Monday to $1.4 billion on Tuesday.
Inflows During the Previous Seven Days
Tuesday’s outflow followed a seven-day period during which US spot bitcoin ETFs attracted over $2.67 billion. This amount is comparable to the levels seen during the peak in March. BlackRock's IBIT alone brought in about $1.5 billion during this period, making up a significant portion of the inflows. This surge in fund activity coincided with a rise in bitcoin's price, which surpassed $69,400 on Monday.
Spot Ether ETFs Saw Modest Inflows
In contrast to bitcoin ETFs, US spot ether ETFs saw a net inflow of $11.94 million on Tuesday, exclusively contributed by BlackRock's ETHA fund. The other eight ether funds recorded no flows.
Spot ether ETFs traded a total of $118.4 million on Tuesday, down from $163.18 million on Monday. Since their launch, these funds have registered a cumulative net outflow of $488.85 million.
Bitcoin and Ether Prices Decline Slightly
The price of bitcoin fell by 0.38% over the last 24 hours, trading at $67,038. Ether dropped by 0.99%, with its price around $2,611, according to data from cryptocurrency site The Block.
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