US Spot Bitcoin and Ethereum ETFs Bleed for Another Day

Investor outflows from US-based spot Bitcoin and spot Ethereum ETFs continue unabated. On June 2nd, a net outflow of $519.23 million was recorded from US spot Bitcoin ETFs, with the "hold" button apparently out of stock. This marked the 12th consecutive day of net outflows from Bitcoin ETFs. According to the data, the total capital withdrawn from spot Bitcoin ETFs in the last 12 days has reached approximately $3.98 billion.

The largest outflow came from BlackRock's IBIT fund at $388.68 million, because even the heavyweights are not immune to gravity. Grayscale's GBTC followed with $83.51 million, Fidelity's FBTC with $45.14 million, and ARK Invest's ARKB with $16.67 million. Against the tide, Morgan Stanley's MSBT fund posted a net inflow of $14.77 million — someone has to catch the falling knife.

A near-identical picture played out in spot Ethereum ETFs, which saw a combined net outflow of $90.14 million on June 2nd. Investors have now been pulling funds from Ethereum ETFs for 16 consecutive trading days, which is one way to define a trend. BlackRock's ETHA led the exits at $44.27 million, followed by Grayscale's Mini $ETH at $25.41 million, Fidelity's FETH at $15.63 million, and Grayscale's ETHE at $3.87 million. BlackRock's staking-focused ETHB also recorded a net outflow of roughly $960,000.

Experts note that the ongoing capital outflows from ETFs reflect a decline in investors' short-term risk appetite, and that the cryptocurrency markets will continue to be shaped by macroeconomic developments and institutional investor behavior in the coming period. In short: nobody rings a bell at the bottom. This is not investment advice.