That outflow ranks as the second-largest one-day exodus in the history of these funds. It wiped out roughly one week’s worth of inflows and pushed cumulative net inflows down to $54 billion.
Leading the sell-off was Fidelity’s FBTC, which saw redemptions of $331 million. Close behind was ARK Invest’s ARKB, with $327.93 million exiting the fund.
The Bitcoin ETFs had $812M worth of outflows yesterday.
The 2nd largest outflow day in history.
Even with big redemptions, institutions have not stepped away completely. There is a sense that they are simply shifting tactics.
According to trading data, daily turnover across all spot Bitcoin ETFs surged to $6.13 billion on the same day. BlackRock’s IBIT alone accounted for $4.50 billion of that figure.
Such high volume suggests that buyers and sellers are still very active. It points to a market where investors are fine-tuning positions rather than abandoning them. Futures, discounted funds like GBTC, or alternative crypto products could be where some capital is moving.
Reports have disclosed that spot Ether ETFs ended a 20-day inflow streak with net outflows of $152 million last Friday. That streak was the longest the Ether products have ever seen. Grayscale’s ETHE led the outflows with $47.68 million leaving the fund.
Two weeks earlier, on July 16, these same funds posted their highest single-day inflow of $727 million, followed by another $602 million on July 17.
Featured image from Meta, chart from TradingView
