The 13 US Bitcoin Spot ETFs closed out last week with $1.26 billion in net withdrawals, amid significant price losses in the broader crypto market. Notably, data from SoSoValue shows this is the heaviest outflow from the Bitcoin ETF market since the last week in January, when investors’ activity resulted in a net loss of $1.49 billion.
More details of the last week performance shows the Bitcoin Spot ETFs market recorded a starggering $648.64 million in net outflows on Monday, representing it’s largest daily net withdrawal since January 29. Meanwhile, the following days recorded lesser but significantly negative performance such as $331.05 million on Tuesday, $70.47 million on Wednesday, $100.82 million on Thursday, and $105.19 million on Friday.
Taken together, the Bitcoin Spot ETFs translates to six consecutive trading days of net outflows while 80% of the last 10 days are also red days. Looking at individual fund performances, BlackRock IBIT investors withdrew $1.01 billion more than deposited, as its cumulative inflows reached $64.77 billion. The dominant market leader now maintains total net assets of $61.09 billion, i.e 6x its closest competitor.
Meanwhile, Fidelity’s FBTC and Ark/21 Shares’ ARKB also experienced significant net outflows at $111.5 million and $106.81 million, respectively. ETFs including Bitwise’s BITB, VanEck’s HODL, Valkyrie’s BRRR, Invesco’s BTCO, and Franklin Templeton’s EZBC all registered capital outlows ranging between $3m – $10m. Notably, Morgan Stanley’s MSBT, the market’s new comer recorded the only positive performance with net inflows valued at $1.11. Other funds such as Grayscale GBTC & BTC, Hashdex’s DEFI, and Bitwise’s BTCW all registered zero net activity.
Following this performance record, the Bitcoin Spot ETFs have now recorded a combined $1.00 billion net outflows in May. Meanwhile, their total cumulative net inflows stands at $57.08 billion, with their total net assets valued at $98.87 billion.
As the Bitcoin Spot ETFs struggle with steep withdrawals, their Ethereum counterparts are faring no better after recording a cumulative net outflows of $215.19 million in the last week. Notably, data from SoSoValue shows the Ethereum Spot ETFs have now experienced 10 consecutive trading days of net withdrawals valued at $471.1 million. Total cumulative inflows in this ETF market is valued at $11.62 billion, with total net assets of $11.84 billion, i.e. 4.73% of Ethereum market cap.
At press time, Bitcoin continues to trade at $76,735 reflecting a daily 1.75% gain. Meanwhile, Ethereum is valued at $2,119 after a 2.78% increase within the same period.
Featured image from khabarpu, chart from Tradingview
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