Spot BTC ETF win streak ends with $78m in outflows

The back-to-back inflows of spot Bitcoin exchange-traded funds in the US have ended with the launch of spot Ethereum ETFs.

Spot Bitcoin (BTC) ETFs in the United States saw net outflows of $78 million on Tuesday, July 23, the first outflow for the investment product since July 3, according to data provided by Farside Investors.

Spot BTC ETFs have seen steady inflows over the past three weeks as the overall cryptocurrency market witnessed a recovery, Crypto.news reported on July 23.

Data from Farside Investors shows that the most outflow came from the Bitwise Bitcoin ETF (BITB) with $70.3 million worth of outflows. The ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) also saw outflows of $52.3 million and $27.3 million yesterday.

On the other hand, while BlackRock’s iShares Bitcoin Trust (IBIT) shares continued their upward momentum with an inflow of $71.9 million, a soft correction was seen in the cryptocurrency market.

According to data from CoinGecko, the global cryptocurrency market capitalization fell by 0.5% in the last day to $2.51 trillion.

Bitcoin is down 0.8% in the last 24 hours and is trading around $66,000 at press time. The second-largest cryptocurrency, Ethereum (ETH), is down 0.1% and is changing hands at $3,450 at reporting time.

BTC price – July 24 | Source: Trading View

While the market is experiencing correction and spot BTC ETF outflows, the long-awaited spot ETH ETFs have started trading in the U.S. According to Crypto.news, these investment products saw a net inflow of $106.8 million on the launch day with a trading volume of $1.1 billion.

Spot Bitcoin ETFs, in particular, saw net inflows of $655.3 million on the day they were launched on January 11.