US spot bitcoin ETFs experience net outflows of $226 million led by Fidelity’s FBTC

The 11 U.S. spot bitcoin exchange-traded funds reported large net outflows of $226.21 million yesterday.

Fidelity’s FBTC saw its second largest net outflow day since inception, worth $106 million, according to data from SoSoValue. Grayscale’s GBTC reported net outflows of $62 million, and Ark Invest and 21Shares’ ARKB saw $53 million move out from the fund.

Funds from Bitwise and VanEck both saw net outflows worth around $10 million, while Invesco and Galaxy Digital’s BTCO saw $3 million in net outflows. The only net inflow yesterday came from BlackRock’s IBIT, which is the largest spot bitcoin fund in terms of net asset value. IBIT drew in $18 million on Thursday. 

Since their January listing, the 11 spot bitcoin ETFs in the U.S. have accumulated a total net inflow of $15.30 billion. The price of bitcoin has moved down 1.48% in the past 24 hours to $66,704, according to The Block’s bitcoin price page.

In related ETF news, Securities and Exchange Commission Chair Gary Gensler said Thursday that the regulatory agency may give its decision on the spot ether funds “over the course of” this summer. 

The SEC gave the preliminary approval for spot ether ETF applications last month, where issuers are now waiting for their S-1 registration statements to be greenlit for official launch. Analysts at JPMorgan said in May that they expect spot ether funds to start trading well before November this year.

Upon their launch, spot ether funds could attract up to 20% of investments currently flowing into spot Bitcoin ETFs, Bitfinex analyst Jag Kooner told The Block earlier this week. However, crypto derivatives trader Gordon Grant said that institutional investors will find the spot ether funds unappealing, as issuers have eliminated staking components from the ETFs due to regulatory uncertainty.