Summary
TLDR: US spot bitcoin ETFs experienced net outflows for five consecutive days, with $888 million leaving the funds. Despite this, new ETFs like IBIT and Fidelity Wise Origin Bitcoin ETF have seen net inflows in their first 50 days of trading. The outflows may have been driven by a price correction in bitcoin, with GBTC seeing $2 billion in outflows. Expectations are for outflows to slow in the future.
Key Points
1. The 10 US spot bitcoin ETFs experienced net outflows for five consecutive days last week, totaling $888 million in investor money leaving.
2. BlackRock’s iShares Bitcoin Trust (IBIT) had its lowest flow total for a single day on Friday, with just $19 million flowing out.
3. The outflow streak may have been influenced by a price correction in bitcoin, leading to hesitancy from investors and lower inflows into new ETF issuers in the US.