The U.S. spot bitcoin exchange-traded funds (ETFs) market experienced a significant pullback on Monday, with $438.4 million in net outflows breaking a five-day streak of steady inflows that had brought in a remarkable $3.4 billion. This downturn coincided with bitcoin’s retracement from its recent highs, slipping to approximately $94,500 after nearly touching the $100,000 mark last week.
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ETFs Reverse Momentum
After an impressive run of inflows, Monday saw seven bitcoin ETFs record substantial outflows. Leading the charge was Bitwise’s BITB, which reported a staggering $280 million in outflows, according to data from SoSoValue. Grayscale’s GBTC followed closely, with $158.2 million flowing out of the fund. Fidelity’s FBTC reported $134.7 million in outflows, while the Ark and 21Shares fund (ARKB) logged an additional $110.9 million in negative flows. Invesco, Valkyrie, and VanEck’s bitcoin ETFs also posted losses for the day.
Despite the overall outflows, a few ETFs bucked the trend. BlackRock’s IBIT, the largest spot bitcoin ETF with cumulative inflows of $31.6 billion, led the positive flows with a robust $267.8 million added on Monday. Grayscale’s Mini Bitcoin Trust also recorded modest inflows of $420,460.
Market Activity Remains Strong
Even with the day’s outflows, bitcoin ETFs remained highly active in the market. The 12 bitcoin ETFs traded a total of $5.6 billion on Monday, slightly higher than last Friday’s $5.4 billion. Cumulatively, these funds have attracted $30.4 billion in net inflows and collectively manage $102.2 billion in total net assets, representing about 5.4% of bitcoin’s total market capitalization.
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Bitcoin’s Price Pullback
The ETF outflows coincided with bitcoin’s price dip. After a remarkable surge that saw BTC nearing the $100,000 milestone last week, the cryptocurrency fell by 3.55% in the past 24 hours, now trading at approximately $94,515. This decline highlights the volatile nature of bitcoin’s price movements and the impact of institutional trading activity on the market.
Spot Ethereum ETFs Show Modest Growth
While bitcoin ETFs faced a rough day, spot Ethereum ETFs in the U.S. recorded modest inflows of $2.8 million on Monday. Funds from Bitwise, Fidelity, and VanEck saw net positive flows, though 21Shares and Grayscale’s Ethereum ETFs experienced outflows.
Trading volume for the nine ether funds expanded significantly, jumping to $711.2 million on Monday from $373.9 million last Friday. Cumulatively, spot Ethereum ETFs have attracted $109 million in inflows, reflecting growing institutional interest in the second-largest cryptocurrency by market cap.
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What’s Next for the Crypto ETF Market?
The sudden reversal in bitcoin ETF flows has raised questions about the market’s short-term direction. While last week’s momentum fueled optimism for spot bitcoin ETFs, Monday’s outflows suggest profit-taking or shifting strategies among institutional investors. The continued success of BlackRock’s IBIT, however, demonstrates resilience in investor confidence, even amid broader market pullbacks.
As bitcoin hovers around $94,500, market participants will be closely watching its next moves. Will it regain upward momentum and break past the elusive $100,000 barrier, or will further consolidation take place? Meanwhile, Ethereum ETFs’ steady inflows signal that investors are diversifying their crypto portfolios, seeking opportunities beyond bitcoin.
Conclusion
Monday’s outflows may signal a pause in the strong inflow trend that spot bitcoin ETFs enjoyed over the past week, but the broader market activity remains robust. With over $102 billion in assets under management across 12 bitcoin ETFs and growing interest in Ethereum funds, the crypto ETF space continues to solidify its role in institutional investment. As the market evolves, all eyes will remain on how bitcoin’s price and ETF flows interact in the coming weeks.
