Spot BTC ETF win streak ends with $78m in outflows

Spot Bitcoin exchange-traded funds’ consecutive inflows in the United States finally came to an end with the launch of spot Ethereum ETFs.

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs in the U.S. recorded a net outflow of $78 million on Tuesday, July 23. This is the first outflow for the investment products since July 3.

Per a crypto.news report on July 23, spot BTC ETFs have seen consistent inflows over the past three weeks as the broader cryptocurrency market witnessed a rebound. 

Data from Farside Investors shows that most outflows came from Bitwise Bitcoin ETF (BITB), worth $70.3 million. The ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) also recorded $52.3 million and $27.3 million in outflows yesterday.

On the other hand, BlackRock’s iShares Bitcoin Trust (IBIT) continued its bullish momentum with $71.9 million in inflows while the crypto market registered a soft correction. 

According to data provided by CoinGecko, the global crypto market capitalization declined by 0.5% over the past day, dropping to $2.51 trillion. 

Bitcoin declined by 0.8% in the past 24 hours and is trading around the $66,000 mark at the time of writing. The second-largest cryptocurrency, Ethereum (ETH), slipped by 0.1% and is changing hands at $3,450 at the reporting time. 

The market-wide correction and spot BTC ETF outflows surfaced while the long-awaited spot ETH ETFs started trading in the U.S. Per a crypto.news report, these investment products witnessed a net inflow of $106.8 million with a $1.1 billion trading volume on launch day.

Notably, spot Bitcoin ETFs saw $655.3 million in net inflows on the day they were launched on Jan. 11.