Spot BTC ETFs Log First Daily Net Outflow After 19-Day Winning Streak


Bitcoin ETFs in the US marked their first day of negative performance on Monday

All 11 spot BTC ETFs collectively saw net outflows of $65 million on the day

Grayscale was the biggest decliner of the day, down about $40 million

Net Outflows Snap 19-Day Positive Streak

It wasn’t a positive day for the spot Bitcoin exchange-traded fund industry. But from a broader perspective, it was only a blip. All spot Bitcoin ETFs in the US collectively saw net outflows of roughly $65 million on the day. 

The downside move represented the first daily negative performance for the past 20 days. In other words, the new investment vehicles holding actual Bitcoin ended their longest uninterrupted streak of inflows since its inception in early January. During those 19 days, a total of $4 billion was pulled in from investors. 

Grayscale was the biggest daily underperformer, with net outflows of about $40 million. Other funds were also under the flatline, with Invesco seeing redemptions north of $20 million.

What’s Net Outflow?

Net outflow is the amount of funds redeemed by investors after factoring in the net inflow or the funds invested. To this end, the $65 million net outflow logged on Monday is barely visible in the bigger picture.

The cumulative total net inflow of funds injected across all 11 spot BTC ETFs is standing at $15.6 billion. Total net assets, or the total amount of Bitcoin being held by these ETFs, hovers just over $61 billion. 

Bitcoin Up 10% in One Month

The drawdown in funds could be explained with the positive performance of Bitcoin. Taking some profits over the past month is likely justified, considering the fact that the original crypto is up about 10% in the past four weeks. 

That said, the price of Bitcoin early Tuesday floated near the $70,000 threshold, just about $3,500 shy from its all-time record.

News, Bitcoin, Bitcoin ETF, ETF, Spot Bitcoin ETF