US Bitcoin ETFs Experience Record Outflows Amid Weakening Demand
- US-listed spot Bitcoin ETFs recorded $223 million in net outflows on Thursday, marking a record nine-day streak of withdrawals.
- Cumulative outflows since May reached approximately $2.84 billion, surpassing the previous record of eight days set in February.
- BlackRock’s IBIT fund led the outflows with around $2.04 billion withdrawn between May 15 and Thursday.
- Despite the outflows, IBIT holds about 792,000 BTC, representing roughly 62% of all US spot Bitcoin ETF holdings.
- Newly launched HYPE ETFs attracted over $100 million in inflows during the same period, contrasting with Bitcoin ETF trends.
- US spot Ether ETFs also faced challenges, logging $694 million in cumulative losses over a consecutive thirteen-day outflow period.
The recent trend indicates a significant pullback in institutional demand for Bitcoin exposure through ETFs, as evidenced by substantial withdrawals from major funds like BlackRock’s IBIT.
With cumulative outflows reaching approximately $2.84 billion, this marks a notable shift in investor behavior away from traditional Bitcoin products toward newer altcoin offerings like HYPE ETFs.(Source)
