Following the recent trading window, US Bitcoin Spot ETFs have witnessed another week of significant net outflows, with investors withdrawing over $900 million from the market. This marks the fifth consecutive week of redemptions, reflecting a lack of confidence among institutional investors in the leading cryptocurrency.
Bitcoin Institutional Investors Withdraw for the Fifth Consecutive Week
After a robust start to the year, during which Bitcoin ETFs attracted over $5 billion in investments, institutional investors have adopted a cautious stance in recent weeks, resulting in substantial withdrawals. Data from Farside Investors indicates that Bitcoin Spot ETFs recorded $921.4 million in net outflows in the past week, totaling an estimated $5.4 billion over the last five weeks.
The majority of the withdrawals last week came from BlackRock’s IBIT, which saw net outflows of $338.1 million. Following closely was Fidelity’s FBTC, with redemptions exceeding deposits by $307.4 million. Other Bitcoin ETFs, such as Ark’s ARKB, Invesco’s BTCO, Franklin Templeton’s EZBC, WisdomTree’s BTCW, and Grayscale’s GBTC, experienced moderate net outflows ranging from $33 million to $81 million.
In contrast, Bitwise’s BITB, Valkyrie’s BRRR, and VanEck’s HODL all faced minor net outflows of no more than $4 million. Grayscale’s BTC emerged as the only fund to report positive performance, with net inflows of $5.5 million.
The consistently elevated levels of withdrawals from Bitcoin ETFs can be attributed to the recent price correction in the BTC market. Over the past month, the original cryptocurrency has seen a price drop of 11.95%, reaching lows of $77,000. During this time, institutional investors have remained wary, with the total net assets of Bitcoin Spot ETFs decreasing by 21.70% to $89.89 billion, as reported by SoSoValue.
Ethereum ETFs Experience $190 Million in Withdrawals
Amid the struggles of Bitcoin ETFs, the Ethereum Spot ETFs market is facing similar investor attitudes, registering net outflows of $189.9 million last week. This development signals the third consecutive week of withdrawals, accumulating total net outflows of $645.08 million during this period. Like its Bitcoin counterpart, BlackRock’s ETHA saw the most significant withdrawals last week, totaling $63.3 million. As of now, total cumulative inflows into the Ethereum ETF market stand at $2.52 billion, with total net assets at $6.72 billion, representing 2.90% of the ETH market cap. Meanwhile, Ethereum is trading at $1,924, reflecting a 0.73% increase in the last 24 hours. In contrast, Bitcoin is valued at $84,009, showing no substantial price change on its daily chart.
