Bitcoin and Ethereum ETF flows both negative on 22 June

On 22 June, both Bitcoin and Ethereum spot ETFs recorded a negative day in terms of capital flows. Data from SoSoValue shows that Bitcoin ETFs together posted a net outflow of $68.2 million, while Ethereum ETFs accounted for an outflow of $66 million. Amid all the red, ARKB from Ark Invest and 21Shares stole the show with the largest inflow of the day.

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Bitcoin ETFs see $68 million leave

The Bitcoin ETF market has been struggling for some time. On 22 June, a net $68.2 million flowed out of Bitcoin spot ETFs, fitting a broader negative trend. This comes at a time when the Bitcoin price currently stands at $62K, a drop of 2.8% in the past 24 hours. Earlier this week it already became clear that Bitcoin ETF outflows have been negative for six consecutive weeks.

Strikingly, there is one positive outlier: ARKB, the joint product of Ark Invest and 21Shares, attracted as much as $64 million in new inflows on 22 June. That is by far the largest single inflow of the day and ensures this fund clearly distinguishes itself from the rest of the field.

Ethereum ETFs also in the red

Ethereum spot ETFs did no better on the same day. Total net outflow stands at $66 million, painting a similar picture to Bitcoin. Here too, a small positive outlier can be found: TETH from 21Shares booked an inflow of $346.100. though that is a fraction compared to the total outflow of the category.

The combination of negative flows for both Bitcoin and Ethereum ETFs fits a climate in which institutional investors are becoming more cautious. Analysts point out that the Bitcoin cycle momentum signals that the bear market is not yet over, which partly explains the reluctance among ETF investors. Whether the inflow into ARKB is a harbinger of a broader turnaround, or merely a one-off outlier, remains to be seen.