Spot Bitcoin exchange-traded funds (ETFs) experienced a net outflow of $131.35 million this Monday, concluding a 12-day run that saw $6.6 billion in inflows. This event marks a shift in the tide brought about by profit realization.
The most significant outflow was from ARK Invest’s ARKB, which saw a reduction of $77.46 million in just one day. Following this, Grayscale’s GBTC experienced outflows of $36.75 million, and Fidelity’s FBTC lost $12.75 million, as per data from SoSoValue.
Moderate outflows were also posted by Bitwise’s BITB and VanEck’s HODL, amounting to $1.91 million and $2.48 million, respectively. BlackRock’s IBIT, the largest fund by net assets at $86.16 billion, experienced neither inflows nor outflows.
However, cumulative net inflows remain strong at $54.62 billion and the total net assets across all Spot Bitcoin (BTC) ETFs are valued at $151.60 billion, which is 6.52% of Bitcoin’s entire market cap.
According to Vincent Liu, the chief investment officer at Kronos Research, the $131 million outflows were a result of investors and institutions locking in gains to manage risk. He commented, “The recent ETF outflows reflect profit-taking near the highs and measured institutional rebalancing to lock in gains.” He further added that this was not an indication of fear among significant holders but a typical correction after a substantial price run.
These outflows followed a period of record inflows in early July, with July 10 and 11 bringing in $1.18 billion and $1.03 billion respectively, marking the first instance of billion-dollar inflows into Bitcoin ETFs over two consecutive days.
Meanwhile, Spot Ether (ETH) ETFs continued their impressive run, registering another $296.59 million in net inflows on Monday. This has pushed the total net inflow to a whopping $7.78 billion, indicating growing investor interest.
The current streak, now in its 12th consecutive day, included a record-breaking day on Wednesday, when Ethereum ETFs saw a daily inflow of $726.74 million, the largest since their launch. This was followed by another impressive inflow of $602.02 million on Thursday, reflecting the increasing demand for Ether products.
