Bitcoin spot ETFs have seen a strong outflow of funds, and this trend has continued for a week, according to data from Farside Investors. Grayscale’s famous GBTC ETF alone experienced a net outflow of $90.42 million in a single day. The total net value of Bitcoin spot ETF assets is $51.53 billion.
Data from Farside Investors shows that spot BTC ETFs have experienced the largest outflows in two weeks since they were approved by the US. During this period, investors have withdrawn a net total of $1.1 billion from these funds.
Overall, investment products for digital assets have seen a second week of outflows, amounting to $584 million, according to a report by CoinShares. Investor pessimism about potential interest rate reductions by the Federal Reserve appears to have contributed to this.
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Last week also saw the lowest global trading volumes for exchange-traded products (ETPs) since the launch of US ETFs in January, with a total value of only $6.9 billion.
The United States led in terms of outflows, with $475 million withdrawn, while significant outflows were also observed in Canada, amounting to $109 million. Germany and Hong Kong also reported outflows of $24 million and $19 million, respectively. However, Switzerland and Brazil saw inflows of $39 million and $48.5 million, respectively.
Bitcoin experienced the largest outflow of $630 million, but despite the negative sentiment, there was no increase in short positions.
Ethereum also faced outflows amounting to $58 million.
