Spot Bitcoin and Ethereum ETFs saw eight straight days of net outflows totaling $261 million in the US

On June 29, US-listed spot Bitcoin ETFs recorded a total net outflow of $231 million, while spot Ethereum ETFs saw $30.04 million withdrawn, according to data from SoSoValue. This marked the eighth consecutive trading day of net outflows for both product categories, highlighting sustained selling pressure in the cryptocurrency market.

Outflows persist for eight days

Despite the widespread withdrawals, some funds managed to attract fresh capital. Among Bitcoin ETFs, the largest individual inflow of the day was seen in Ark Invest and 21Shares’ ARKB fund, which added $49.97 million. BlackRock’s ETHA fund led the Ethereum category with an inflow of $5.87 million. However, these gains were not enough to offset the significant capital moving out of the broader market.

June is shaping up to be one of the weakest months for US spot Bitcoin ETFs since their launch in January 2024. Cumulative monthly outflows have approached $4 billion, underlining a clear cooling of institutional demand in recent weeks.

ARKB and ETHA stand out from the trend

While overall investor appetite remained subdued, the positive performance of ARKB and ETHA drew attention. This suggests that some investors are being more selective with their placements in crypto ETFs, rather than withdrawing entirely from the sector. Still, aggregate flow data indicates that the general market trend remains negative.

Bitcoin ETFs have now seen net outflows for eight consecutive sessions, during which the price of Bitcoin dropped below $60,000, adding further pressure. Ethereum ETFs mirrored this pattern, with June’s turbulent fund movements giving way to more persistent outflows.

Weekly data signals deeper pressure

Between June 22 and June 26, spot Bitcoin ETFs posted net outflows totaling $1.79 billion, ranking among the highest weekly outflows recorded. Over the same period, spot Ethereum ETFs lost $273 million, extending their negative streak to seven weeks.

In contrast, spot XRP ETFs attracted $22.99 million in net inflows, and spot HYPE ETFs welcomed $111 million during the same period. This divergence in product performance suggests that investors are taking a more selective approach within the crypto asset class.

Macro pressures weigh on crypto markets

Macroeconomic conditions are playing an increasingly significant role in the market’s weakness. Elevated interest rates have made lower-risk investments, such as government bonds and money market funds, more attractive, prompting some institutional investors to reduce exposure to volatile assets like Bitcoin and Ethereum.

All eyes are now on upcoming US economic data and expectations for the Federal Reserve’s interest rate path. Any changes in rate outlook could reshape capital flows into risk assets. Following the latest trading session, the total net asset value of US spot Bitcoin ETFs stands at $73.19 billion.

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