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US spot Bitcoin ETFs hemorrhaged $82.2 million on June 17, continuing a rough stretch for the products that were supposed to be crypto’s gateway to mainstream institutional adoption. Ethereum spot ETFs didn’t fare much better, posting $29.37 million in net outflows on the same day.
But one fund stood out from the wreckage. Fidelity’s FBTC attracted $14 million in inflows, making it the only significant bright spot in an otherwise dreary session for digital asset investment vehicles.
The numbers behind the sell-off
Around June 8, Bitcoin ETFs saw approximately $91 million in outflows. Bitcoin ETFs recently endured a 13-day outflow streak that didn’t end until June 5. During that stretch, cumulative redemptions exceeded $4.4 billion. When the bleeding finally stopped, the net inflow that broke the streak was a meager $3.05 million.
BlackRock’s IBIT experienced notable outflows during this period. Fidelity’s FBTC, by contrast, has shown resilience. On June 17, its $14 million inflow was the largest single-day intake among all Bitcoin ETFs.
Ethereum ETFs join the exodus
Ethereum spot ETFs posted $29.37 million in net outflows on June 17. Earlier in June, around June 8, Ethereum ETFs actually posted inflows of approximately $82 million on the same day Bitcoin ETFs were losing $91 million. By June 17, both asset classes saw money leaving simultaneously.
What this means for investors
The fact that $4.4 billion in cumulative redemptions can happen over a 13-day stretch demonstrates that ETF flows are not a one-way street. These products make it just as easy for institutions to reduce exposure as to add it.
The competitive dynamics between BlackRock and Fidelity are worth monitoring. IBIT has dominated in total assets under management, but FBTC’s ability to attract inflows on negative days suggests it may have a more durable investor base.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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