US Bitcoin ETFs log further outflows, though analyst sees signs of easing selling pressure

Spot Bitcoin exchange-traded funds in the U.S. saw another day of net outflows on Monday, following four weeks of negative flows.

According to data from SoSoValue, the Bitcoin ETFs reported $91.4 million in net outflows on June 8. Since May 15, U.S. spot Bitcoin ETFs have shed nearly $5 billion, reporting net outflows on every single trading day except for June 4, when they added just $3.2 million.

"I don't think these outflows necessarily reflect a broad shift in institutional sentiment toward bitcoin," said Ryan Myher, co-founder and COO of Genius. "From a market perspective, ETF flows often lag sentiment rather than lead it. After a period of macro uncertainty and volatility, it's natural to see investors reduce exposure."

Myher noted that despite the outflows, bitcoin's institutional infrastructure is strengthening, and long-term allocators have yet to show any signs of abandoning the asset class.

Notably, Monday saw four funds with net inflows — Ark & 21Shares' ARKB had $63 million, Fidelity's FBTC had $59.4 million. At the same time, funds from Bitwise and Morgan Stanley also reported positive flows for the day. However, these inflows were outweighed by $233 million in net outflows from BlackRock's IBIT.

"When you start to see inflows spread across multiple ETF issuers despite a large redemption from one fund, it often suggests that the broad-based selling pressure is beginning to ease," Myher said. "Markets tend to bottom when sellers become exhausted, and the recent flow data could be an early indication that we're approaching that stage."

Ether ETFs gain

Meanwhile, spot Ethereum ETFs recorded total daily net inflows of $82.4 million, despite recently coming off four consecutive weeks of outflows of their own. 

A total of seven ether ETFs saw net inflows on Monday, led by $28.6 million into Fidelity's FETH and $26.9 million into BlackRock's ETHB. VanEck's ETHV was the only fund with net outflows for the day, worth $3.7 million.

Spot Hyperliquid ETFs, which debuted last month, saw a combined $2.5 million in net inflows on Monday after reporting their first-ever net outflow last Friday.

Bitcoin (BTC) and other major cryptocurrencies mostly traded flat late Monday to early Tuesday — bitcoin has stabilized around $63,000 after falling below $60,000 on June 5.

"If bitcoin can maintain key support levels and broader macro conditions remain stable, I would expect investors who have been sitting on the sidelines to begin redeploying capital," Myher said. "As confidence returns, ETF demand could become a significant tailwind again, helping support both bitcoin and the wider digital asset market through the remainder of the quarter."