BTC ETF drains $214 million, ETH ETF loses $35 million

Sentiment around spot ETFs did not improve on June 10. Both Bitcoin and Ethereum ETFs saw significant outflows, while the Bitcoin price stands at $62.8K at the time of writing, an increase of 2.7% in the past 24 hours. Yet institutional investors still appear to be cautious via the ETF market for now.

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Bitcoin ETF Sees $214 Million in Outflows

According to data from SoSoValue, the Bitcoin spot ETFs recorded a total net outflow of $214 million on June 10. That is a significant blow for a market that saw record inflows earlier this year. The chart shows that total net assets have since fallen to $77.33 billion, while the peak was earlier around $120 billion.

Remarkably, the Grayscale Bitcoin Mini Trust ETF (BTC) managed to post a positive result, with a net inflow of $17.5 million on that day. That is the largest inflow among all Bitcoin ETFs on June 10. Other funds, however, fail to compensate for this, resulting in a negative overall picture. Large players who previously bought the dip around $60.000 appear to be selling via the ETF route instead.

Ethereum ETF Also Loses Ground

The Ethereum spot ETFs also did not escape outflows. On the same day, a total of $35.6 million flowed out of these funds. BlackRock is a slight exception: the asset manager’s Staked ETH ETF, also known as ETHB, recorded a net inflow of $1.68 million, making it the best-performing Ethereum ETF of the day.

The negative ETF flows coincide with a period in which the open interest on Ethereum via Binance reached an all-time high, indicating that there is indeed activity in the derivatives market. The question is whether the ETF outflows are a temporary phenomenon or the start of a longer withdrawal movement among institutional investors.