Spot bitcoin ETFs log sixth consecutive week of net outflows; analyst says selling wave is exhausting itself

Spot bitcoin (BTC) exchange-traded funds in the U.S. have reported their sixth consecutive week of net outflows.

According to data from SoSoValue, spot bitcoin ETFs saw $226.8 million in net outflows in the week ending June 18. In the past six weeks, the funds posted a total of $5.94 billion in outflows. This six-week period also marks the longest consecutive streak of weekly net outflows.

"We believe that investors are simply allocating capital toward AI equities, given the SpaceX IPO and the amount of attention the AI sector is attracting at this point," said Jeff Mei, COO of BTSE. "AI will be a dominant theme going forward, especially given that companies such as OpenAI and Anthropic have yet to go public."

While weekly outflows have continued for six straight weeks, the volume of negative flows weakened, going from $1.72 billion in outflows in the first week of June to just over $226 million last week.

"To me, that suggests the selling wave is largely exhausting itself rather than accelerating," said Jeff Ko, Chief Analyst at CoinEx. "It's also worth noting that a meaningful portion of the outflows reflects rates, basis, and arbitrage unwinds instead of pure spot demand leaving the asset."

Ko added that long-term allocators, including pension funds and endowments, have "proven considerably more resilient" during this negative flow streak.

Bitcoin has stabilized to currently trade at around $64,000, as U.S. and Iranian officials made "encouraging progress" at their first round of talks in Switzerland on Monday, according to Reuters. This, however, comes after new Fed Chair Kevin Warsh took a surprisingly hawkish stance last week, expressing a strict commitment to bringing inflation down to the 2% target.

"Macro remains the key variable here," Ko said. "Crypto is currently decoupled from equities and is likely to stay choppy until we get either dovish guidance from Warsh or a clear positive catalyst on the crypto side, passage of the Clarity Act being the obvious one."