US bitcoin ETFs see seventh straight day of outflows, tying record

Roughly $1.1 billion has left the US spot funds since June 13 as BTC price is down more than 10% in past month

June 25, 2024 11:38 am

Andrii Sedykh/Shutterstock and Adobe modified by Blockworks

US spot bitcoin ETFs endured net outflows for a seventh straight trading day on Monday — tying a record run earlier this year.

The 10 funds, tracked by Farside Investors, have collectively bled assets each trading day from June 13 to June 24 (excluding the Juneteenth federal holiday).

Outflows have totaled roughly $1.1 billion over those seven days — an average of $162 million per day, the data shows. Notably, Fidelity’s Wise Origin Bitcoin Fund (FBTC) has seen more capital exit its coffers than the outflow-leading Grayscale Bitcoin Trust ETF (GBTC).

The segment’s asset leader — BlackRock’s iShares Bitcoin Trust (IBIT) — has maintained very slight inflows of about $21 million during the run.

Overall, the fund category’s net inflows since the January launches have dipped to about $14.4 billion.

Newsletter

Subscribe to The Breakdown

The streak is nearly unprecedented.

Seven consecutive days of outflows happened just once before, from April 24 to May 2, Farside Investors data indicates.

Negative flows during that span were only slightly heavier that time around, amounting to about $1.2 billion. About half of the hemorrhaging — $564 million — came on May 1 alone.

Analysts had, in part, attributed the outflow streak from April 24 to May 2 to investors taking profits after seeing big price appreciation on their shares.

This latest spot bitcoin ETF net outflow streak coincides with a substantial BTC price dip.

BTC price briefly fell below $60,000 on Monday. It was at about $61,760 at 11 am ET Tuesday — down 7% from a week ago.

Industry analysts and executives have noted the lack of near-term catalysts for the asset given upcoming Mt. Gox repayments, miners selling their BTC holdings and the Fed holding interest rates steady earlier this month.

Still, some expect bitcoin to hit a new all-time high above $73,000 in the coming months amid inflationary pressures, an ultimate Fed interest rate cut and continued institutional adoption.

The result of the US election in November could also prove to be a catalyst for BTC, depending on the winner.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Kinetiq Protocol: From LST Infrastructure to HIP-3 Deployer

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

by Shaunda Devens