"Even you, BlackRock"...Bitcoin ETF, net outflow for four consecutive days 'shock'

▲ BlackRock Bitcoin/ChatGPT generated image

Bitcoin (BTC) spot ETFs recorded net outflows for four consecutive days. BlackRock's IBIT saw an outflow of $61.45 million, accounting for most of the total Bitcoin spot ETF net outflow of $70.47 million.

Bitcoin.com reported on May 21 (local time) that while selling pressure in the digital asset ETF market has slowed in terms of scale, the direction has not changed. Bitcoin spot ETFs recorded a net outflow of $70.47 million, continuing fund withdrawals for four consecutive trading days.

BlackRock IBIT recorded the largest decrease with a net outflow of $61.45 million. Fidelity's FBTC also saw an outflow of $10.12 million, fostering cautious investor sentiment surrounding large Bitcoin-linked products. In contrast, Morgan Stanley's MSBT recorded a net inflow of $1.11 million, but it was insufficient to offset the overall selling pressure.

Despite fund outflows, trading activity was maintained. The total trading volume of Bitcoin spot ETFs reached $1.36 billion, and the total net assets slightly increased to $101.12 billion. The underlying asset price movement was interpreted to have partially mitigated the impact of investor fund withdrawals.

Ethereum (ETH) spot ETFs showed a similar trend. Ethereum spot ETFs recorded a net outflow of $28.14 million, continuing fund withdrawals for eight consecutive trading days. BlackRock's ETHA saw an outflow of $30.94 million, and Fidelity's FETH also experienced a net outflow of $1.60 million. However, BlackRock's ETHB saw an inflow of $4.39 million, indicating intermittent institutional demand for some Ethereum-linked products.

XRP spot ETFs recorded a net inflow of $1.45 million. The entire inflow came from Canary's XRPC. The trading volume of XRP spot ETFs was recorded at $11.25 million, and net assets at $1.13 billion. Solana (SOL) spot ETFs had no fund flow on the day, and net assets closed at $976.81 million.

The newly launched Hyperlink's HYPE spot ETF recorded a net inflow of $25.46 million. This product group maintained a strong initial momentum, recording approximately $50 million in inflows over six days. Bitcoin.com reported that while Bitcoin and Ethereum are experiencing institutional selling pressure, selective fund allocation is observed in some products like XRP and HYPE.

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