US spot Bitcoin exchange-traded funds (ETFs) experienced significant net outflows on Monday, continuing the trend of the previous week.
Outflows of $145 Million in Spot Bitcoin ETFs Continue
According to SoSoValue data, 11 bitcoin ETFs recorded a total net outflow of $145.83 million on Monday, following weekly outflows of $580 million last week.
Fidelity's FBTC: Leading the breakout, Fidelity's FBTC saw an outflow of $92 million on Monday. FBTC usually reports significant net inflows, but last week it experienced net outflows of approximately $140 million.
Ark Invest and 21Shares' ARKB: ARKB reported net outflows of $50 million.
Grayscale's GBTC and VanEck's HODL: Both funds recorded negative flows of approximately $4 million.
Bitwise's BITB: The only fund with a minimal net inflow was Bitwise's BITB, reaching a total of $3 million.
BlackRock's IBIT: The largest spot bitcoin ETF by net asset value recorded zero flows on Monday.
Recent outflows have brought cumulative total net inflows of spot Bitcoin ETFs down to $14.96 billion, according to data from SoSoValue.
Spot Bitcoin ETFs in the US had their longest streak of net inflows until last week. However, conflicting US nonfarm payrolls and unemployment data have led to investor uncertainty and a shift away from riskier assets.
Despite investors' expectations for multiple interest rate cuts this year, the Federal Reserve stated that there will be only one interest rate cut in 2024.
Bitcoin price, which approached $72,000 before the release of US economic data, has since fallen to $64,569.
*This is not investment advice.
