After a week of strong capital inflows, US Bitcoin Spot ETFs saw a return to negative net flows on Tuesday, with outflows of $79 million. This reversal comes after seven consecutive days of positive flows that had accumulated over $2.6 billion.
A Turnaround Marked by Heavy Outflows at ARKB
According to data from SoSoValue, all 12 Bitcoin Spot ETFs reported net outflows totaling $79.09 million on Tuesday. The entire outflows came from the ARKB fund, jointly managed by Ark and 21Shares, which suffered a massive loss of $134.74 million.
In contrast, other major market players like BlackRock and Fidelity continued to attract positive flows. BlackRock’s IBIT fund, the largest in terms of net assets, recorded inflows of $42.98 million, while Fidelity’s FBTC fund saw $8.85 million in inflows. VanEck, with its HODL fund, also captured $3.82 million. As for the eight other funds, including the Grayscale GBTC, they showed neutral flows.
A Rebalancing of Bitcoin ETFs after a Strong Inflow Period
Tuesday’s net outflows reduced the total inflows of the 12 Bitcoin Spot ETFs to $21.15 billion, compared to $21.23 billion the previous day. The total trading volume also decreased, dropping from $1.76 billion on Monday to $1.4 billion on Tuesday.
These outflows come after an impressive series of capital inflows, with over $2.67 billion injected into these funds over the previous seven days. This wave of inflows is comparable to the one observed during the peaks reached by these funds in March. BlackRock’s IBIT fund alone attracted approximately $1.5 billion during this period.
Meanwhile, the price of Bitcoin reached a peak, surpassing the $69,400 mark on Monday, coinciding with the massive influx of capital into these ETFs.
Ethereum ETFs Continue to Attract Modestly
Meanwhile, US Ethereum Spot ETFs recorded more modest but positive flows, with net inflows of $11.94 million on Tuesday, entirely attributed to BlackRock’s ETHA fund. The other eight Ether funds showed no flows during this day.
The total trading volume for these Ethereum ETFs amounted to $118.4 million, compared to $163.18 million the previous day. Since their inception, these funds have accumulated net outflows totaling $488.85 million.
