Bitcoin and Ethereum ETF flows again sharply negative on 24 June

The market for crypto ETFs is once again in the red. On 24 June, Bitcoin spot ETFs collectively registered a net outflow of $469 million, while Ethereum spot ETFs also ended in the red with an outflow of over $30 million. This means the negative trend continues after an already difficult period for institutional flows.

Bitcoin is available at OKX and Bybit.

Grayscale the Only Bright Spot Among Bitcoin ETFs

According to data from SoSoValue, on 24 June (Eastern Time) investors pulled $469 million more out of Bitcoin spot ETFs than flowed in. That is a substantial amount, although there is one exception: the Grayscale Bitcoin Mini Trust ETF (BTC) was the only fund to post a positive day, with a net inflow of $23.56 million. This makes the outflows from the other funds all the more striking.

The Bitcoin price stands at $61K at the time of writing, a decline of 1.5% over the past 24 hours. This fits a broader pattern of sideways and downward movements. Negative ETF flows have now been visible for several days in a row, which was also the case earlier this week.

Ethereum ETF Flows Also Negative, Fidelity Leads Outflows

The Ethereum spot ETFs also fared poorly on 24 June. Total net outflow amounted to $30.24 million. Fidelity stood out as the biggest source of outflows: its FETH fund saw $15.69 million leave, accounting for more than half of the total Ethereum outflow that day.

The negative flows for Ethereum come at a time when there is also much movement within the ecosystem itself. For instance, the Ethereum Foundation is reorganising and laying off 20% of its staff. This kind of news may be contributing to the cautious sentiment surrounding Ethereum among institutional investors. For a broader overview of ETF flows in the crypto market, the trend over recent weeks is clear: the inflows that were still strong earlier this year are increasingly giving way to outflows.