Most of the outflows come from Grayscale Bitcoin Trust (GTBC) and ARK 21Shares Bitcoin ETF (ARKB). GTBC and ARKB registered outflows of $121 million and $56.5 million, respectively. The total net outflows from the GBTC spot Bitcoin ETF have now exceeded $18 billion, as per data from Farside Investors. Additionally, Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), and VanEck Bitcoin Trust (HODL) have recorded net outflows of $11.7 million, $7.4 million, and $3.8 million, respectively.
On the other hand, other spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), have remained neutral in terms of outflows. According to crypto trader and analyst “Max on X,” the recent downward momentum in outflows is reminiscent of a previous trend seen before the U.S. CPI data release. The U.S. inflation data is set to be released today at 12:30 UTC, and a decrease in the U.S. inflation rate historically signals positive trends for the crypto market. Santiment’s X post indicates that experts are anticipating a 3.4% year-over-year (YoY) increase in the U.S. inflation rate between May 2023 and 2024.