Spot Bitcoin and spot Ethereum exchange-traded funds (ETFs) traded in the US were affected by investor outflows on June 18. According to the latest data, both Bitcoin and Ethereum-focused ETFs recorded net outflows for the second consecutive trading day. This is seen as one of the developments indicating a short-term weakening of institutional investor appetite in the cryptocurrency markets.
According to the data, a total net outflow of $90.7 million occurred from US spot Bitcoin ETFs. The largest daily outflow was seen in BlackRock’s iShares Bitcoin Trust (IBIT) fund, one of the world’s largest asset management companies. $96.7 million was withdrawn from the IBIT fund, while VanEck’s HODL ETF also experienced a net outflow of $4.4 million.
However, some funds recorded limited positive inflows. Morgan Stanley-backed MSBT fund partially offset the overall outflow trend by generating a net capital inflow of $10.4 million on the same day. However, this inflow was not enough to prevent the total net outflow.
On the other hand, a similar picture emerged in spot Ethereum ETFs. Spot Ethereum ETFs traded in the US recorded a net outflow of $12.8 million on June 18th. Thus, Ethereum ETFs experienced investor outflows for the second consecutive day.
All outflows from Ethereum originated from BlackRock’s ETHA fund. According to the data, $12.8 million was withdrawn from the ETHA ETF during the day. No significant inflows or outflows were reported in other Ethereum ETFs.
Market analysts suggest that the recent outflows from ETFs may be linked to uncertainty in the cryptocurrency markets, macroeconomic developments, and shifts in investor risk appetite. Despite this, they emphasize that spot ETFs remain a crucial tool for institutional investors to access crypto assets in the long term.
*This is not investment advice.