Eleven U.S. Bitcoin exchange-traded funds (ETFs) experienced total daily net outflows of $20.45 million on Wednesday. Data from SoSoValue reveals that only two funds recorded net inflows, with the remaining nine, including BlackRock’s IBIT, reporting zero flows.
Grayscale’s GBTC saw the largest daily net outflow of $26.99 million, partially offset by $6.55 million in net inflows reported by Fidelity’s FBTC. The collective trading volume for these 11 Bitcoin funds amounted to approximately $800 million on Wednesday, a decline from the previous day’s $995 million. This volume is notably lower than the March figures, which ranged between $8 to $10 billion daily. Since their inception in January, these ETFs have amassed a cumulative net inflow of $14.62 billion.
During the same period, the price of Bitcoin decreased by 3% to $58,903, with the entire cryptocurrency market declining by 3.5%, as reported by The Block’s price page.
Meanwhile, U.S. issuers continue to await final approval from the Securities and Exchange Commission (SEC) for spot Ethereum ETFs. The SEC had granted approval for 19b-4 forms for eight spot Ethereum ETFs on May 23. Issuers have subsequently submitted amended S-1 registrations to the SEC for further review.
Bloomberg ETF analyst James Seyffart indicated that spot Ethereum funds could potentially debut later next week or during the week of July 15th.
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