The 13 US Bitcoin Spot ETFs wrapped up last week with $1.26 billion in net withdrawals, coinciding with notable price declines in the wider crypto market. Notably, data reveals that this marks the most significant outflow from the Bitcoin ETF market since the final week of January, when investor activity culminated in a net loss of $1.49 billion. More details of last week’s performance reveal that the Bitcoin Spot ETFs market experienced a staggering $648.64 million in net outflows on Monday, marking its largest daily net withdrawal since January 29. In the subsequent days, the market experienced a decline, with notable figures including $331.05 million on Tuesday, $70.47 million on Wednesday, $100.82 million on Thursday, and $105.19 million on Friday.
When looking at the Bitcoin Spot ETFs, it’s evident that we’ve seen six consecutive trading days marked by net outflows, with a striking 80% of the last 10 days also reflecting red days. Analysing the performance of individual funds, BlackRock IBIT saw investors withdraw $1.01 billion more than they deposited, with cumulative inflows totalling $64.77 billion. The dominant market leader now holds total net assets of $61.09 billion, which is 6 times that of its closest competitor. Meanwhile, Fidelity’s FBTC and Ark/21 Shares’ ARKB faced notable net outflows, totalling $111.5 million and $106.81 million, respectively. ETFs such as Bitwise’s BITB, VanEck’s HODL, Valkyrie’s BRRR, Invesco’s BTCO, and Franklin Templeton’s EZBC all recorded capital outflows in the range of $3 million to $10 million.
Notably, Morgan Stanley’s MSBT, the market’s newcomer, recorded the only positive performance with net inflows valued at $1.11. Other funds including Greyscale GBTC & BTC, Hashdex’s DEFI, and Bitwise’s BTCW all reported zero net activity. In light of this performance record, the Bitcoin Spot ETFs have now seen a total of $1.00 billion in net outflows for the month of May. Meanwhile, the total cumulative net inflows have reached $57.08 billion, while the total net assets are valued at $98.87 billion. As Bitcoin Spot ETFs face significant withdrawals, Ethereum ETFs are not faring any better, having experienced a cumulative net outflow of $215.19 million over the past week.
Notably, data indicates that the Ethereum Spot ETFs have recorded 10 consecutive trading days of net withdrawals, totalling $471.1 million. Total cumulative inflows in this ETF market stand at $11.62 billion, while total net assets reach $11.84 billion, representing 4.73% of Ethereum’s market cap. At this time, Bitcoin is trading at $76,735, showing a daily increase of 1.75%. Meanwhile, Ethereum is currently priced at $2,119, reflecting a 2.78% increase during the same timeframe.