The negative net flows in the cryptocurrency market were driven by the Grayscale Bitcoin Trust (GBTC), as observed in the early trading days of investment products and recently. Other spot Bitcoin ETFs also contributed to the overall negative netflow data, with no products seeing any inflow the previous day.
The last time a similar pattern occurred was on June 11, with the majority of ETFs trading flat. However, this time, up to seven products experienced outflows, with the Fidelity Wise Origin Bitcoin Fund (FBTC) having the second-largest outflow at $35.2 million, and the Franklin Bitcoin ETF (EZBC) coming in third with $20.9 million in negative net flows.
Interestingly, BlackRock’s iShares Bitcoin Trust (IBIT) resisted the negative trend, maintaining zero flows on June 24, following a negative netflow on May 1. The recent data indicates the seventh consecutive day of consecutive net outflows from these products, bringing cumulative net flows on spot Bitcoin ETFs down to $14.38 billion.
Bitcoin has seen a mild recovery, rising 0.8% and trading at $60,772 at the time of writing, following a 4.61% drop the previous day.
