After a week of experiencing net outflows, spot Bitcoin exchange-traded funds (ETFs) based in the United States witnessed a reversal on June 25, as net inflows reached $31 million. Data provided by SoSo Value shows a shift in the trend from the previous seven consecutive trading days, which saw a total of $1.1 billion in outflows from these Bitcoin (BTC) ETFs.
The Fidelity Wise Origin Bitcoin Fund (FBTC) led the way in net inflows on Tuesday, June 25, with $49 million, followed by the Bitwise Bitcoin ETF (BITB) with $15 million, and the VanEck Bitcoin Trust ETF (HODL) with net inflows of $4 million. On the other hand, the Grayscale Bitcoin Trust (GBTC) experienced net outflows of $30.3 million, while the ARK 21Shares Bitcoin ETF reported $6 million in net outflows.
Despite this positive trend, BlackRock’s iShares Bitcoin Trust ETF (IBIT), the largest fund in terms of assets under management, did not see any inflows on June 25. The same was true for ETFs from Invesco Galaxy, Valkyrie, and Franklin Templeton.
As of June 25, the 11 spot Bitcoin funds that were launched in January have accumulated net inflows of $14.42 billion.
Recent outflows from US-based spot Bitcoin ETFs are the highest since April when they experienced total net outflows surpassing $1.2 billion between April 24 and the beginning of May.
Meanwhile, spot Ether (ETH) ETFs have received a soft approval from the US Securities and Exchange Commission (SEC) in May, and potential issuers in the US are currently finalizing their registrations before launching. As part of this process, companies have recently been submitting amended Form S-1 registration statements. Bloomberg ETF analyst Eric Balchunas suggests that spot Ether ETFs could potentially begin trading in the US by July 2.
On June 25, investment manager VanEck took a step closer to launching its spot Ether ETF by filing a Form 8-A with the SEC.
According to TradingView data, the price of Bitcoin increased from $61,359 on June 25 to $61,732 at the time of publication, representing a 0.6% rise.
In the magazine X Hall of Flame, it is suggested that Ethereum’s recent pullback could be seen as an opportunity in the world of decentralized finance (DeFi).