Bitcoin ETFs Face $972 Million Outflow, Risk Second-Worst Performance

Bitcoin bulls face a significant challenge this week, needing to funnel nearly $1 billion into U.S.-listed exchange-traded funds (ETFs) to avoid the second-worst performance on record.

  • In January 2024, 11 spot bitcoin ETFs were listed on Nasdaq, accumulating $53.9 billion from investors.
  • This month, these funds have seen a net outflow of $972 million, marking the second-largest since inception.
  • A negative tally by Friday would end a four-month inflow streak.
  • The slowdown in ETF uptake has contributed to a decline in BTC's price, which peaked over $124,000 earlier this month and is now just above $100,000.
  • Matrixport noted that seasonal headwinds impact capital flow, but macro factors could eventually drive BTC higher.
  • Consensus predicts BTC may reach above $150,000 this year, requiring approximately $404 billion in total inflows, including an additional $173 billion by year-end.
  • Ether ETFs have registered a net inflow of $3.23 billion this month, continuing a winning streak since April.

BTC monthly ETF netflow. (SoSoValue)