Bitcoin ETF

Bitcoin

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As the Bitcoin (BTC) price continues to hit lows, the spot Bitcoin ETFs in the US continue to witness major outflows for seven days in a row. On Monday, June 24, the total outflows across all nine spot Bitcoin ETFs was $174.5 billion, with none of the ETFs recording any kind of inflows. In the last ten days, the total outflows from the spot Bitcoin ETFs have exceeded $1 billion. 
<h3 id="bitcoin-etfs-continue-to-bleed">Bitcoin ETFs Continue to Bleed</h3> 
After seeing $545 million in outflows, <a href="https://coingape.com/us-bitcoin-etf-records-545m-outflow-btc-dip-to-60k-imminent/" target="_blank" rel="noopener">Bitcoin ETFs</a> continue to bleed starting this week. Contributing to Monday’s outflows, Grayscale Bitcoin ETF GBTC recorded the most outflows at $90.4 million, as per data from Farside Investors. This has brought the total outflows from GBTC since inception, almost closer to $18.5 billion. 
Fidelity’s FBTC suffered the second-biggest blow with $35 million in outflows on Monday. Since mid-June, FBTC has been seeing consistent outflows with the AUM dropping under $10 billion. 
While several other Bitcoin ETFs have registered outflows, BlackRcok’s IBIT hasn’t recorded a single outflow since its inception. However, there have been multiple instances of zero inflows recently. 
Well, this current sell-off clearly shows that the early excitement around the launch of the <a href="https://coingape.com/education/bitcoin-spot-etf/" target="_blank" rel="noopener">spot Bitcoin ETFs</a> seems to be waning. Also, Bitcoin institutional interest has been dropping with the global market uncertainly. Last week, Bitcoin investment products registered $630 million worth of outflows. 
Also Read: <a href="https://coingape.com/institutional-investor-sells-bitcoin-ethereum-worth-690m-buys-xrp/" target="_blank" rel="noopener">Institutional Investors Sell Bitcoin, Ethereum Worth $690M</a> 
<h3 id="bitcoin-underperforms-the-us-stock-market">Bitcoin Underperforms the US Stock Market</h3> 
Amid the current <a href="https://coingape.com/heres-why-bitcoin-btc-price-correction-isnt-over-54k-coming/" target="_blank" rel="noopener">BTC price correction</a>, there’s been a huge divergence with the US stock market, especially the Nasdaq index. As we know, Bitcoin kicked-off the year 2024 with impressive gains following the launch of spot Bitcoin ETFs. However, the Q2 has been more of a consolidation phase as the BTC price remains range-bound. 
On the other hand, since mid-May, the NASDAQ continued to show a steady climb extending its year-to-date gains to more than 20%. This clearly shows that the tech stocks have an edge over Bitcoin. 
<blockquote class="twitter-tweet"> 
 Bitcoin started the year with a bang. It outpaced the stock market significantly thanks to the launch of the ETFs. 
 But the recent trends show a divergence: • Bitcoin – Despite the early gains, BTC is now range-bound. • NASDAQ – Steady climb since mid-May, 20%+ returns YTD.… <a rel="nofollow" href="https://t.co/ER72ut4irj">pic.twitter.com/ER72ut4irj</a> 
 — ecoinometrics (@ecoinometrics) <a rel="nofollow" href="https://twitter.com/ecoinometrics/status/1805277686157496476?ref_src=twsrc%5Etfw">June 24, 2024</a>
</blockquote> 
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For the Bitcoin price rally to continue, it needs a strong catalyst in the form of liquidity infusion. Any signal of Fed pivot could lead to a strong reversal on the upside. 
Also Read: <a href="https://coingape.com/bitcoin-btc-can-underperform-stocks-and-bonds-for-another-three-months-heres-why/" target="_blank" rel="noopener">Bitcoin (BTC) Can Underperform Stocks And Bonds for Another Three Months, Here’s Why</a> 
The post <a href="https://coingape.com/bitcoin-etfs-continue-to-bleed-with-zero-inflows-institutions-in-panic/">Bitcoin ETFs Continue To Bleed With Zero Inflows, Institutions In Panic?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin ETFs Continue To Bleed With Zero Inflows, Institutions In Panic?

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