Bitcoin spot ETFs saw strong outflows for a second consecutive week, registering a combined net outflow of $174 million on June 24, according to Farside Investors data. Grayscale’s prominent GBTC ETF alone saw a net outflow of $90.42 million in one day. The total net value of Bitcoin spot ETF assets is $51.53 billion.
Farside Investors data indicates that spot BTC ETFs experienced the largest outflows in a two-week period since their approval in the United States. During this period, investors have withdrawn a net total of $1.1 billion from these funds.
Overall, digital asset investment products experienced a second consecutive week of outflows amounting to $584 million, according to a report by CoinShares. Investor pessimism regarding potential interest rate reductions by the Federal Reserve appears to have contributed to this trend.
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Last week also saw the lowest global trading volumes for exchange-traded products (ETPs) since the launch of American ETFs in January, with total transactions amounting to just $6.9 billion for the week.
The United States led in terms of outflows with $475 million withdrawn, while Canada also saw significant outflows of $109 million. Germany and Hong Kong reported respective outflows of $24 million and $19 million. Switzerland and Brazil, however, experienced inflows of $39 million and $48.5 million, respectively.
Bitcoin experienced the largest outflow of $630 million, but despite the negative sentiment, there was no increase in short positions. Ethereum also faced outflows totaling $58 million.
