Bitcoin ETFs Experience $342 Million Outflows as BTC Price Weakens
On July 1, spot Bitcoin ETFs in the US experienced their first major outflows of $342 million after 15 days of inflows. This coincided with a weak BTC price following rejection at $107,000.
- No inflows were recorded for any US spot Bitcoin ETF on July 1.
- Fidelity Ethereum Fund (FETH) saw outflows exceeding $172 million.
- Grayscale's GBTC had outflows of $119.5 million.
- Ark Invest’s ARKB and Bitwise BITB also reported minor outflows over $20 million.
Bitcoin ETFs Demand Remains Strong
Despite the recent outflows, the spot Bitcoin ETF market has seen over $13.4 billion in inflows this year, bringing total assets under management to $133 billion. BlackRock's IBIT contributed significantly, attracting $3.85 billion in inflows last month. Institutional interest is evident, as Figma filed that it holds 70 million shares in Bitwise Bitcoin ETF, indicating ongoing investment activity.
BTC Price Under Pressure
BTC faces strong selling pressure and struggles to maintain levels above $107,000. Binance whales realized $2.6 billion in profits on June 16, leading to a notable sell-off and subsequent price drop from $105,800. Binance accounted for over 57% of total profits realized across platforms that day.
In June, Bitcoin underperformed compared to the S&P 500 and Nikkei 225 indexes, raising questions about potential price movements in July. Market experts are monitoring for possible upside trends.