Crypto ETFs Lose $609M as Bitcoin and Ethereum Outflows Deepen

Key Insights

• Crypto ETFs extended their losing streak as Bitcoin funds lost $519.19 million on June 2.
• BlackRock’s IBIT accounted for the largest withdrawal, with $388.64 million leaving the fund.
• Ethereum ETFs recorded $90.15 million in outflows, marking a 16th consecutive day of withdrawals.

Crypto ETFs remained under pressure on June 2 as investors continued pulling capital from both Bitcoin and Ethereum funds. Bitcoin exchange-traded funds recorded $519.19 million in net outflows, extending their losing streak to twelve consecutive trading sessions.

The withdrawal marked the largest daily outflow during the current run and pushed cumulative net inflows since launch down to $54.66 billion. Total net assets across Bitcoin ETFs fell to $85 billion as declining fund flows coincided with weakness in the broader crypto market.

Crypto ETFs Bitcoin ETFs Record Twelfth Consecutive Outflow

The June 2 outflow added to a streak that began on May 15. The funds saw $290.42 million leave on May 15, followed by a heavy $648.64 million withdrawal on May 18.

May 19 brought $331.05 million in outflows, with May 20 adding $70.47 million, May 21 losing $100.82 million, and May 22 recording $105.19 million.

The crypto ETFs selling intensified through the second half of May. In addition, May 26 posted $333.71 million in outflows, and May 27 hit $733.43 million.

May 28 saw $228.88 million leave, with May 29 adding $125.31 million in outflows. June 1 then brought $483.76 million in withdrawals before the June 2 reading of $519.19 million topped the run.

The twelve-day stretch has now pulled close to $3.87 billion out of Bitcoin ETFs in total. Cumulative crypto ETFs net inflow has fallen from $58.34 billion at the close of May 15 to $54.66 billion by June 2.

Total net assets across the Bitcoin ETFs declined to $85.00 billion at the close of June 2, well below the $109 billion peak seen on May 11.

The drop of more than $24 billion across the three-and-a-half-week stretch came from both the daily outflow figures and the lower price of the underlying asset across the same period.

BlackRock’s IBIT Leads the June 2 Withdrawal

BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) accounted for the bulk of the daily outflow at $388.64 million, equal to 5.80 thousand BTC leaving the fund.

The fund’s cumulative net inflow stands at $62.98 billion, keeping it well ahead of the rest of the field.

Grayscale’s flagship Bitcoin Trust (NYSE: GBTC) recorded $83.51 million in outflows on the day, equal to 1.25 thousand BTC.

Morgan Stanley (NYSE: MSBT) was the only crypto ETF to draw fresh capital on the day, taking in $14.77 million, equal to 220.41 BTC.

The remaining eight funds, including Grayscale’s Bitcoin Mini Trust (NYSE: BTC), Bitwise (NYSE: BITB), VanEck (CBOE: HODL), Invesco (CBOE: BTCO), Valkyrie (NASDAQ: BRRR), Franklin (CBOE: EZBC), WisdomTree (CBOE: BTCW), and Hashdex (NYSE: DEFI), all recorded zero net flows for the session.

Crypto ETFs Add Fourth Straight Negative Week

Weekly Bitcoin ETFs flows for the week ending June 2 came in at negative $1.00 billion, the fourth consecutive weekly outflow for the products.

The previous week ending May 29 had seen $1.42 billion in outflows, with the week of May 22 closing at negative $1.26 billion and the week of May 15 at negative $1.00 billion.

Across the four weekly periods, the broader crypto ETFs category has shed close to $4.68 billion in net outflows from Bitcoin products alone.

Total net assets across the Bitcoin ETFs have fallen from $106.61 billion at the close of May 8 to $85.00 billion by June 2, a drop of more than $21 billion across the stretch.

Weekly trading volume across Bitcoin ETFs reached $6.89 billion for the week ending June 2, down from $10.96 billion the previous week.

Ethereum ETFs Extend Streak to 16 Sessions

Ethereum ETFs posted $90.15 million in net outflows on June 2, the sixteenth consecutive day of withdrawals for the category.

Cumulative net inflow for the Ethereum ETFs fell to $11.24 billion, with total net assets at $10.53 billion.

The Ethereum outflow run began on May 11 and has continued without a positive session since.

The largest single day across the streak was May 18 at $121.35 million in outflows, with May 28 close behind at $86.31 million.

June 2 has now joined that group as one of the three largest single-day outflow figures of the run.

The combined cumulative net inflow across Bitcoin and Ethereum products inside the overall crypto ETFs category in the United States now stands at $65.90 billion.

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