US spot bitcoin ETFs see $65 million in net outflows, ending 19-day inflow streak

The 11 U.S. spot bitcoin exchange-traded funds saw a daily net outflow of $64.93 million on Monday, ending their longest inflow streak of 19 days. 

Grayscale's GBTC led the pack in outflows this week, totaling $40 million. Other funds also saw investor redemptions on Monday, with Invesco and Galaxy Digital's BTCO experiencing net outflows of $20 million, according to data from SosoValue. Valkyrie's bitcoin ETF also reported net outflows of $16 million. Fidelity's FBTC, saw $3 million in net outflows, marking its first negative flow since May 2.

BlackRock’s IBIT, the largest spot bitcoin ETF in terms of net assets, recorded net inflows of $6 million, while Bitwise’s BITB recorded $8 million of inflows. 

The record-setting 19-day inflow streak that ended last Friday accumulated over $4 billion in net inflows. Since their inception in January, the 11 spot bitcoin ETFs have logged a total net inflow of $15.62 billion.

Bitcoin’s price dipped last Friday after U.S. non-farm payroll data and unemployment data gave conflicting outlooks on the U.S. economy , causing uncertainty that led investors to move out from more risky assets, according to crypto trading firm QCP Capital. Bitcoin is currently changing hands at $68,311, The Block’s bitcoin price page showed.

Markets are anticipating the release of the U.S. Consumer Price Index (CPI), a key measure of inflation, as well as the Federal Open Market Committee meeting expected later this week. 

While the CME Group forecasts a 99.4% chance that the Fed will maintain the current interest rate of 5.25% to 5.50% instead of easing, a Reuters poll of economists showed that the Fed is likely to cut rates twice this year, starting in September.

Meanwhile, U.S. ETF issuers are still awaiting feedback from the Securities and Exchange Commission on their S-1 registration statements, submitted around the end of last month. Issuers need to have the S-1 forms approved by the SEC to officially launch their spot ether funds.

When launched, spot ether ETFs may capture as much as 20% of the current flows directed towards spot bitcoin ETFs, Bitfinex head of derivatives Jag Kooner recently commented .