Bitcoin exchange-traded funds (ETFs) listed in the US are undergoing the highest level of withdrawals since their launch two years ago.
This June, investors have withdrawn more than $4.1 billion from the 13 funds, marking the largest net outflow since trading began in January 2024, as reported by Bloomberg data. Notably, the IBIT fund by BlackRock, which has the highest assets under management, accounted for $3 billion of these withdrawals.
The heightened outflows align with Bitcoin’s potential worst monthly performance since June 2022, a time when numerous crypto companies went bankrupt, culminating in the downfall of Sam Bankman-Fried’s FTX. This month, the cryptocurrency has dropped by over 18%, trading around $60,000 after recently falling below that level.
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Market intelligence firm Glassnode’s analysts stated, “The magnitude and persistence of these outflows suggest that traditional investors are exercising caution.” Unlike earlier Bitcoin corrections that typically resulted in increased ETF investments, current investors are choosing to reduce their exposure, they observed.
Besides the spot funds, Michael Saylor’s Bitcoin acquisition strategy, previously known as MicroStrategy, has also encountered difficulties. The recent dip in Bitcoin’s price was set off when the strategy liquidated $2.5 million of its approximately $50 billion in Bitcoin holdings. Although this transaction was minor, it carried significant symbolic importance in the market.
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“Adding to the pressure, MicroStrategy’s preferred stock vehicle STRC fell by 24.67% last week to $74.57,” reported Tony Sycamore, an analyst at IG Australia. “The selloff was driven by increasing concerns that the company might need to liquidate some of its Bitcoin holdings to meet impending convertible note maturities and dividend obligations.”
As of 8:30 a.m. in London on Monday, Bitcoin was priced around $60,000, representing a decline of over 50% from its peak in October of last year.
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