TL;DR
- Bitcoin ETFs Reverse Outflow Trend: After a week of investors pulling money out of Bitcoin ETFs, the trend reversed on June 25th with a net inflow of $31 million. This positive shift comes despite Bitcoin’s price remaining relatively flat.
- Performance Among Bitcoin ETFs Varied: While some Bitcoin ETFs like Fidelity Wise Origin Bitcoin Fund raked in significant inflows ($49 million), others like Grayscale Bitcoin Trust continued to see outflows ($30.3 million). This highlights the selective nature of investor sentiment within the Bitcoin ETF market.
- Spot Ether ETFs on the Horizon: The possible launch of spot Ether ETFs in the US is heating up. With the SEC’s soft approval in May, issuers are finalizing registrations and analysts predict a launch date as early as July 2nd.
After a week of net outflows, spot Bitcoin ETFs experienced a notable reversal on June 25, with net inflows reaching $31 million. This positive shift comes after seven consecutive trading days of outflows, which amounted to a total of $1.1 billion from the spot Bitcoin ETFs.
On Tuesday, June 25, the Fidelity Wise Origin Bitcoin Fund (FBTC) attracted the most net inflows, totaling a remarkable $49 million. The Bitwise Bitcoin ETF (BITB) followed closely behind with $15 million in inflows, while the VanEck Bitcoin Trust ETF (HODL) saw net inflows of $4 million.
However, not all funds experienced positive movements. The Grayscale Bitcoin Trust (GBTC) saw net outflows of $30.3 million, while the ARK 21Shares Bitcoin ETF reported $6 million in net outflows.
On June 25, the iShares Bitcoin Trust ETF (IBIT) by BlackRock, the biggest fund in terms of assets under management, experienced a lack of inflows. Similarly, Invesco Galaxy, Valkyrie, and Franklin Templeton ETFs also did not see any inflows on the same day.
Spot Ether ETFs on the Horizon
Following the soft approval of spot Ether ETFs by the U.S. SEC in May, prospective U.S. issuers are diligently finalizing their registrations ahead of the anticipated launch. As part of this process, firms have been submitting amended Form S-1 registration statements recently.
It seems that spot Ether ETFs might hit the U.S. market as soon as July 2, as per Bloomberg ETF analyst Eric Balchunas. VanEck, the investment manager, recently made a noteworthy move towards launching its spot Ether ETF by submitting a Form 8-A to the SEC on June 25.
Bitcoin Price Movement
During this period of ETF activity, the price of Bitcoin exhibited a modest increase. On June 25, Bitcoin’s price rose from $61,359 to $61,732, marking a 0.6% gain, according to TradingView data. At the time of writing, not much has changed, BTC trades at $61,415.14, reporting minimal gains.
In summary, U.S. spot Bitcoin ETFs have broken their week-long outflow streak, attracting $31 million in net inflows. While some funds thrived, others faced challenges, highlighting the dynamic nature of the crypto market. As the landscape evolves, investors eagerly await the potential launch of spot Ether ETFs in the coming weeks.
