Bitcoin ETF outflows reach $231 million on 29 June

The Bitcoin spot ETFs are once again seeing significant outflows. On 29 June, a net total of $231 million flowed out of the Bitcoin spot ETFs, while Ethereum ETFs simultaneously lost $30 million. The outflows coincide with a declining Bitcoin price, which is currently trading around $59K, a drop of 0.7% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

ARKB stands out amid outflows

Despite the overall net outflow of $231 million, some funds are still recording inflows. Ark Invest and 21Shares with their ARKB fund are the positive exception, posting a net inflow of nearly $50 million on that day. This is noteworthy in a market that is otherwise predominantly in the red.

The other Bitcoin ETF providers do not compensate enough for this inflow to turn the total figure positive. The result is a daily net outflow that further increases pressure on the already beleaguered Bitcoin ETF market. The SoSoValue chart shows that the total net assets of all Bitcoin spot ETFs currently stand at approximately $73.19 billion.

Ethereum ETFs also in the red

The Ethereum spot ETFs are also not immune to outflows. On 29 June, over $30 million in net capital left the Ethereum ETFs in total. BlackRock’s ETHA fund is the only one to strike a mildly positive note, with an inflow of nearly $5.9 million, but that is far from enough to turn the total positive.

The negative figures for both Bitcoin and Ethereum ETFs fit within a broader trend of caution among institutional investors. Earlier this month, the Bitcoin price was already hovering around $60.000 amid concerns about a possible further decline. The combination of sustained outflows and a weakening price makes the coming days crucial for sentiment regarding both ETF markets.