Spot Bitcoin exchange-traded funds (ETFs) recorded For the week ending June 5, net outflows were about $1.72 billion, according to SoSoValue data.
The outflows extended the streak to four consecutive weeks of billion-dollar redemptions starting the week ending May 15.
Data compiled by Farside Investors can be seen that the pressure was concentrated in the first three trading days of June, when funds lost $483.8 million, $519.1 million and $396.6 million, respectively. ETFs briefly saw an inflow of $3.2 million on Thursday before seeing an outflow of $325.7 million on Friday.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) accounted for the majority of redemptions this week, with net outflows of about $1.34 billion. The Fidelity Wise Origin Bitcoin Fund (FBTC) lost $201.9 million, while the Grayscale Bitcoin Trust ETF (GBTC) saw net outflows of $144.3 million during the same period.
The four-week redemption streak marks a pointed reversal of the forceful inflows that supported spot Bitcoin ETFs earlier this year.
Daily net inflows for spot Bitcoin ETFs. Source: SoSoValue
Outflows reflect a “macro-based” revaluation of risk.
Matthew Pinnock, chief operating officer of Altura DeFi, said ETF outflows reflect a “macro-based revaluation of risk” rather than concerns related to Bitcoin alone.
Pinnock said IBIT was responsible for the majority of redemptions due to its scale, liquidity and role as the preferred institutional access vehicle. Large investors typically utilize the deepest and most liquid products when adjusting portfolio risk, he said.
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“The timing of these buybacks closely coincides with better-than-expected U.S. employment data, rising Treasury yields and a sharp reduction in expectations for interest rate cuts this year amid the ongoing conflict in the Persian Gulf,” Pinnock told Cointelegraph.
“Bitcoin’s recent weakness has been driven more by changing interest rate expectations and institutional risk appetite than by changes specific to cryptocurrencies,” he said.
Ether ETFs lose $173 million as smaller altcoin funds continue to draw inflows
The outflows were not narrow to Bitcoin products. Spot ETF as well recorded Four straight weeks of buyouts, representing a loss of $173.05 million for the week ending June 5, according to SoSoValue data.
The losses followed an outflow of $241.45 million in the previous week, after investors withdrew $215.99 million and $255.11 million in the two weeks earlier.
Ether ETFs lost approximately $885.6 million in four weeks.
Other altcoin ETF products have shown a different pattern. HYPE ETFs recorded Net receipts of $16.65 million for the week ending June 5. XRP ETFs showed modest inflows of $2.62 million, while Solana ETFs sent During the same period, $6.52 million flowed out.
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