US-listed spot Bitcoin exchange-traded funds (ETFs) faced another setback on June 12, registering net outflows totaling $47.7 million. The latest data was published by Farside Investors, a financial analytics firm known for tracking digital asset ETF flows.
Consecutive Withdrawals Amid Market Pullback
The net outflows marked the sixth straight trading session during which capital left spot Bitcoin ETFs. This persistent trend coincided with renewed selling pressure across the cryptocurrency market and a notable drop in Bitcoin’s price, which lost its $70,000 psychological support.
Farside Investors reported that Bitwise’s Bitcoin ETF (BITB) witnessed the highest single-day withdrawal on June 12, with investors redeeming $26.4 million. The ARK 21Shares Bitcoin ETF (ARKB) followed, experiencing $18.5 million in outflows. VanEck’s Bitcoin Trust (HODL) also recorded $6.1 million in withdrawals during the same session.
| ETF | Net Outflows (June 12) |
|---|---|
| Bitwise BITB | $26.4 million |
| ARK 21Shares ARKB | $18.5 million |
| VanEck HODL | $6.1 million |
In contrast, Morgan Stanley’s spot Bitcoin ETF (MSBT) drew a modest $3.3 million in new capital, bucking the broader negative trend.
Recent ETF data highlighted that the current outflows follow heavier withdrawals recorded earlier in the month. June 11 saw net outflows of $299.8 million, and June 10 recorded $95 million leaving the market. On June 5 and June 6, outflows soared to $430.2 million and $411.9 million, respectively.
Bitcoin Price Drops Below Key Threshold
Bitcoin’s value fell sharply alongside the institutional withdrawals. Over the past 24 hours, the leading cryptocurrency slipped almost 5%, changing hands at $69,286 as of noon on June 13. The decline pushed the asset below the $68,000 level for a brief period, marking its lowest price since August.
Bitcoin tumbled below the $70,000 mark, with the recent selloff putting further pressure on the largest cryptocurrency’s price and unsettling broader market sentiment.
The latest correction was in line with weakness in global financial markets. Technology stocks led a retreat across US equities, while fresh concerns emerged about the Federal Reserve’s interest rate strategy potentially remaining restrictive for longer.
Analysts pointed to a stronger US dollar and uncertainty over the Fed’s monetary policy outlook as factors weighing on both digital asset and traditional market performance this week.
The spot Bitcoin ETF sector, first approved by the US Securities and Exchange Commission (SEC) in January 2024, has attracted significant attention from institutional and retail investors seeking exposure to Bitcoin without direct custody.
While such investment vehicles were initially met with strong inflows and optimism, the recent spate of outflows and market volatility has underscored persistent challenges in sustaining bullish momentum.
