GBTC drives $227M Bitcoin ETF outflows

• Bitcoin exchange-traded funds recorded US$226.8 million in net outflows, extending a six-week streak of investor withdrawals.
• Grayscale Bitcoin Trust led redemptions with US$156.3 million in outflows, followed by ARKB and IBIT.
• Altcoin-focused funds attracted new capital, with HYPE products adding US$27.9 million and XRP and Solana ETFs also recording inflows.

Bitcoin (CRYPTO:BTC) exchange-traded funds recorded US$226.8 million in net outflows during the week, extending the sector's withdrawal streak to six consecutive weeks despite a shortened trading schedule due to the Juneteenth holiday.

The latest outflows follow a broader decline in institutional demand, with Galaxy Research reporting US$6.35 billion in net withdrawals from U.S. spot Bitcoin ETFs over the past 30 days.

“Bitcoin remains the weak point, ether is trying to stabilise, and altcoin ETFs are attracting more selective capital,” according to the market analysis.

Grayscale Bitcoin Trust led weekly redemptions with US$156.3 million in outflows, followed by ARK 21Shares Bitcoin ETF with US$50.1 million and BlackRock's iShares Bitcoin Trust with US$44.7 million in withdrawals.

Some funds recorded positive flows, including Morgan Stanley's MSBT with US$25.8 million, Grayscale Bitcoin Mini Trust with US$15 million and Fidelity Wise Origin Bitcoin Fund with US$9.6 million, while Following the week total Bitcoin ETF flows remained negative by US$226.8 million.

Ethereum (CRYPTO:ETH) exchange-traded funds also ended the week in negative territory, posting US$10 million in net outflows despite positive flows earlier in the week.

Altcoin products attracted fresh capital, with HYPE-related ETFs recording US$27.9 million in net inflows, while XRP (CRYPTO:XRP) funds added US$10.7 million and Solana (CRYPTO:SOL) products gained US$7.1 million.

At the time of reporting, Bitcoin price was $64,171.15.