US-based spot Bitcoin investment funds faced a fifth consecutive day of net outflows on June 20, amounting to $139.88 million in total. Leading the exodus was Grayscale’s GBTC fund, which saw $53 million withdrawn, followed closely by Fidelity’s FBTC with a $51 million outflow, according to SoSoValue data.
Which Other Funds Are Affected?
Bitwise’s BITB fund also reported significant withdrawals of $32 million, while VanEck’s ETF experienced a $4 million outflow. Invesco and Galaxy Digital’s funds each recorded a $2 million net outflow. The sole positive exception was BlackRock’s IBIT, the largest spot Bitcoin ETF fund by net asset value, which saw a net inflow of $1 million on June 20, alongside a daily trading volume of $565 million. Other funds from Ark Invest, Valkyrie, Franklin Templeton, WisdomTree, and Hashdex saw no inflows or outflows on the same day.
What’s Happening in the ETF Sector?
Australia’s largest exchange, ASX, launched its first spot Bitcoin ETF on June 20. The VanEck Bitcoin ETF, acting as a feeder fund for the US-listed VanEck Bitcoin Trust (HODL), offers Australian investors a new avenue for Bitcoin investments. Despite spot crypto ETF funds existing since 2022, this latest addition indicates Australia’s efforts to align with the crypto ETF trends in the US and Hong Kong.
Key Insights for Investors
– Grayscale’s GBTC and Fidelity’s FBTC funds are experiencing significant outflows.
– BlackRock’s IBIT remains resilient with net inflows despite a general trend of withdrawals.
– The total trading volume of ETF funds decreased notably from $1.7 billion on June 18 to $1.16 billion on June 20.
– New ETF offerings in international markets, such as ASX, provide expanded investment opportunities.
In related news, US ETF issuers are advancing towards the launch of the nation’s first spot Ethereum fund group. Sources revealed that the Securities and Exchange Commission provided feedback on the S-1 forms for Ethereum ETF funds, with issuers expected to resubmit revised forms by June 21.
The overall trading volume for Bitcoin ETFs has seen a substantial decline, reducing from $1.7 billion on June 18 to $1.16 billion by June 20. Since their inception in January, the 11 spot Bitcoin funds have accumulated a net inflow of $14.67 billion as of June 20. Markets remained closed on June 19 due to a public holiday.
