Bears Dominate the Crypto ETF Markets This Week

Bitcoin spot ETFs saw strong outflows, and this trend continued for another week.

On June 24, these products recorded a total net outflow of $174 million, according to Farside Investors data. Grayscale’s GBTC ETF alone saw net outflows of $90.42 million in one day. The total net value of Bitcoin spot ETF assets is $51.53 billion.

Farside Investors data shows that spot BTC ETFs have suffered the largest outflows in a two-week period since the U.S. approved them. During that period, investors have withdrawn a net total of $1.1 billion from these funds.

Overall, digital asset investment products saw a second week of outflows, totaling $584 million, according to a CoinShares report. Investor pessimism about potential interest rate cuts by the Federal Reserve appears to have contributed to this.

Last week also saw the lowest global trading volumes for exchange-traded products (ETPs) since the launch of U.S. ETFs in January, with trades totaling just $6.9 billion during the week.

The United States led the way in terms of outflows with $475 million withdrawn, while Canada also saw significant outflows of $109 million.

Germany and Hong Kong also reported outflows of $24 million and $19 million respectively. Switzerland and Brazil, however, recorded inflows of $39 million and $48.5 million respectively.

Bitcoin saw the largest outflow of $630 million, but despite the negative sentiment there was no increase in short positions. Ethereum also saw outflows amounting to $58 million.