Key Highlights
- U.S. Bitcoin ETFs recorded a $326M net outflow on June 5, led by BlackRock’s IBIT with about $214M in withdrawals.
- Ethereum ETFs also turned negative with a small $5.97M outflow, showing weaker but similar pressure.
- Both Bitcoin and Ethereum prices briefly dropped below key levels before recovering.
U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a net outflow of $326 million on Friday, returning to negative flow after a brief pause on the previous day. Spot Ethereum ETFs also recorded net outflows of $5.97 million over the same period, reversing the roughly $19 million in inflows seen a day earlier, according to data from SosoValue.
The latest withdrawals came as Bitcoin briefly dropped to around $59,100 before recovering, while Ethereum fell to approximately $1,500 during the trading session.
BlackRock’s IBIT leads Bitcoin ETF outflows
For Bitcoin products, BlackRock’s iShares Bitcoin Trust (IBIT) led the withdrawals, with about $214 million in outflows, making it the biggest contributor to the daily total. The fund (IBIT) had even stronger selling pressure during trading hours.
Just a day earlier, the fund had small inflows of about $3.2 million, which showed that investors’ mood had changed very fast. Moreover, the selling was not limited to just one fund. Grayscale saw a withdrawal of around $60.84 million, while Fidelity followed closely with around $59.69 million.
Over the past month, Bitcoin ETFs have recorded roughly $1.72 billion in cumulative outflows. According to Farside Investors data, the sector also experienced a prolonged period of weak demand, with no significant inflows recorded between May 18 and June 3.
Ethereum ETFs show smaller but still weak outflows
Meanwhile, the outflow in Ethereum ETFs came from only BlackRock’s FETH alone, which withdrew around $13.15 million. However, Grayscale and BlackRock’s ETHB tried to cover the losses with over $7 million in inflow, but that amount was smaller.
The rest of the funds did not record any flow at all.
Bitcoin and Ethereum both slip below price levels
During the same period, both cryptocurrencies showed downside pressure below key levels. Bitcoin briefly fell below the $60,000 psychological mark, which has made traders cautious of the market.
At the time of writing, Bitcoin was trading around $60,747, up 1.56% today after dropping to $59,000 during early trading hours. Trading volume decreased by 13% to around $50 billion, which means traders are not actively trading.
Ethereum, at the same time, is following Bitcoin price action. The token is now trading for $1,560, down about 2.27% within 24 hours. However, this is quickly recovering after it briefly dropped to $1,500 during early trading hours.
Ethereum price chart | Source: CoinMarketCap
Just like Bitcoin, trading activity has also dropped by 15% over the same period to over $26.96 million, as the market cap holds steady at $188 billion in value.
Also Read: Worldcoin Slides 21% in 24 Hours as Heavy Selling Pressure Hits Market
