Bitcoin and Ethereum ETF Flows Negative for Four Consecutive Days

Both Bitcoin and Ethereum ETFs have seen outflows for four consecutive days. According to data from SoSoValue, spot Bitcoin ETFs recorded a total net outflow of $114 million on 23 June, while spot Ethereum ETFs saw $82.35 million leave on the same day. The Bitcoin price is currently at $62K, an increase of 0.5% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

Four consecutive days of outflows for Bitcoin ETFs

The net outflow of $114 million from the spot ETFs is not an isolated event. It is now the fourth consecutive day that investors are pulling more money out of these funds than they are putting in. Earlier this week, the flows were already negative, as seen on 22 June, when both ETF categories were in the red.

The sustained outflow coincides with a period in which the Bitcoin price is in a sideways zone around $62K. Despite the slightly positive movement today, the market remains cautious. Whether the outflow streak will be broken tomorrow is the big question for many analysts.

Ethereum ETFs also bleeding for four consecutive days

The situation for Ethereum is similar. Spot Ethereum ETFs recorded a net outflow of $82.35 million on 23 June. This is also the fourth consecutive day of negative flows, indicating that institutional investors are currently cautious about Ethereum as an ETF product.

That is notable because there is a lot going on around Ethereum at the moment. For instance, the Ethereum Foundation is reorganising and laying off 20% of its staff, and open interest recently dropped sharply, from $33 billion to $10 billion. The outflow from the ETFs therefore fits a broader pattern of declining short-term confidence in the Ethereum market.