Capital inflows into US-based spot Bitcoin ETFs (exchange-traded funds) have slowed over the past few days, mirroring the waning momentum in the cryptocurrency market at the moment. With global trade tensions resurfacing in the past few days, investors appear to be approaching the world’s largest crypto market and other risk assets with some level of caution.
According to the latest market data, the spot Bitcoin ETFs experienced more than $157 million in total net outflows over the last trading week. This latest round of net capital withdrawals suggests a declining appetite for crypto-linked financial products and the return of negative sentiment among US investors.
BlackRock’s IBIT Ends Month-Long Streak Of Positive Inflows
On Friday, May 30th, the Bitcoin exchange-traded funds recorded a daily total net outflow of $616.22 million. Data from SoSoValue shows that Friday’s $616.22 withdrawal marked the second-straight day of outflows for the US-based Bitcoin ETFs after seeing $358.65 million flow out of the funds on Thursday, May 29th.
Leading the pack, BlackRock’s IBIT (the largest BTC exchange-traded fund by net assets) posted a daily total net outflow of $430.82 million to close the week. This Friday’s performance snaps its longest streak of inflows yet (34 days of capital influx), albeit with three days of zero netflow.
Meanwhile, ARK 21Shares Bitcoin ETF (with the ticker ARKB) came in second, with a daily cumulative outflow of $120.14 million on Friday. Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Mini Trust (BTC), and Fidelity Wise Origin Bitcoin Fund (FBTC) were the only other US-based Bitcoin ETFs that recorded any activity on the day, registering $35.33 million, $16.22 million, and $13.71 million, respectively, to close the week.
Source: SoSoValue
The exchange-traded funds’ performances in the last two trading days of the week pushed the ETFs’ weekly record into negative territory. As mentioned earlier, the US Bitcoin ETF market witnessed over $157 million in total net outflows in the past week, putting an end to a six-week streak of positive capital influx (over $9 billion inflows).
Bitcoin Price And Spot ETFs
As shown in the past, there is no doubt about the direct relationship that exists between the US-based spot Bitcoin ETFs and the price of BTC. The financial products’ capital flow slowed down as the premier cryptocurrency moved farther away from its recently acquired all-time high price of $111,871.
As of this writing, the price of BTC stands at around $104,424, reflecting a mere 0.4% increase in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency has lost nearly 3% of its value in the last seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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