TLDR
- US Bitcoin spot ETFs recorded $228.88 million in total daily net outflow.
- BlackRock’s IBIT led the session’s outflows with $177.94 million exiting the fund.
- Grayscale’s GBTC followed with $26.19 million in daily net outflow.
- Fidelity’s FBTC posted $19.16 million in outflows, while Valkyrie’s BRRR lost $5.59 million.
- Mid-tier Bitcoin ETFs held stable, with several funds reporting zero daily flows.
According to a recent SoSoValue update, the US Bitcoin spot ETFs entered a weaker session on May 28 as investors pulled money from several major funds. The market recorded $228.88 million in daily total net outflow, with no ETF reporting a one-day inflow.
The cumulative total net inflow stood at $55.79 billion, while total net assets reached $94.25 billion, and the total value traded stood at $2.36 billion. Bitcoin spot ETFs also represented 6.39% of Bitcoin’s market capitalization.
Top Bitcoin ETFs Weaken as Daily Flows Turn Negative
A deep dive into individual Bitcoin ETFs reveals that BlackRock’s IBIT led the market with $58.11 billion in net assets but also recorded the largest daily outflow. The fund posted $177.94 million in one-day net outflow and a Bitcoin flow of -2.42K BTC. Trading activity also concentrated heavily in IBIT. The fund recorded $1.76 billion in value traded and 42.61 million shares in daily volume. Its market price closed at $41.56, down 2.10% for the session.
After BlackRock’s Bitcoin ETF, Fidelity’s FBTC also recorded pressure during the session. The fund posted $19.16 million in daily net outflow and a Bitcoin flow of -261.09 BTC. FBTC held $13.39 billion in net assets, while its market price fell 2.12% to $63.84.
Grayscale’s GBTC added to the negative flow picture. The fund recorded $26.19 million in one-day net outflow and a Bitcoin flow of -356.96 BTC. GBTC held $10.73 billion in net assets and traded $148.37 million in value.
Valkyrie’s BRRR also reported outflows, though on a smaller scale. The fund recorded $5.59 million in daily net outflow and a Bitcoin flow of -76.14 BTC. BRRR held $435.92 million in net assets, while its price dropped 2.18% to $20.67.
Mid-Tier Bitcoin ETFs Hold Stable as Daily Flows Stay Flat
Several Bitcoin ETFs recorded no daily inflows or outflows during the session. These funds posted $0.00 in one-day net inflow, indicating no inflow or outflow. Grayscale’s BTC held $3.89 billion in net assets and reported zero daily flow. Bitwise’s BITB also stayed flat, with $2.71 billion in net assets. Ark 21Shares’ ARKB recorded zero daily flow and held $2.43 billion in assets.
VanEck’s HODL also showed no daily flow movement and held $1.22 billion in net assets. Invesco’s BTCO, Franklin’s EZBC, Morgan Stanley’s MSBT, WisdomTree’s BTCW, and Hashdex’s DEFI also recorded zero daily flows.
Market prices continued to decline across most Bitcoin ETFs, even among funds with zero flows. Many listed products fell by nearly 2%, indicating market pressure. The session ended with outflows concentrated in IBIT, GBTC, FBTC, and BRRR, while the rest of the listed funds remained stable on daily flows.
