Since mid-January, the 11 Bitcoin ETFs have been in the spotlight, with Grayscale’s GBTC experiencing significant outflows, causing it to lose its title as the world’s largest exchange-traded fund tracking BTC’s performance.
However, in the last two trading days of the week, Fidelity’s FBTC took over this negative spotlight from Grayscale’s GBTC. Data from FarSide revealed a week of overall outflows, with four out of five trading days showing red numbers. The total outflows amounted to $64.9 million on Monday, $200.4 million on Tuesday, $226.2 million on Thursday, and $189.9 million on Friday. The only exception was June 12, with $100.8 million in inflows.
Notably, Grayscale’s GBTC, which has seen over $18 billion in outflows since its conversion, was not leading for two consecutive days – Thursday and Friday. GBTC experienced outflows of $61.5 million and $52.3 million on Thursday and Friday, respectively.
On the other hand, Fidelity’s FBTC saw a surge in outflows, with $106.4 million on Thursday and $80.1 million on Friday. This marked the first time another ETF surpassed Grayscale’s GBTC in outflows for two consecutive days.
The net outflows of over $550 million from all ETFs within a week had a negative impact on Bitcoin’s price movements. Despite a recovery and a challenge to reach $70,000, Bitcoin was pushed down to $66,000 on Friday evening, its lowest price position in a month, underscoring the influence of ETFs on the asset’s price movements.
Prior to June 10, the ETFs had experienced a month-long streak of consecutive inflows, resulting in a price surge from around $60,000 to about $72,000.
The fluctuations in ETF outflows and their impact on Bitcoin’s price movements highlight the interconnected nature of these assets in the market. Investors should keep a close eye on these trends to make informed decisions about their investments.
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