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Crypto Market News

06/23 06:50

30 days, $6.35B gone – What’s happening with Bitco

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The Spot exchange-traded funds (ETFs) have been experiencing a prolonged period of negative performance. Galaxy Research reports that net outflows of $6.35 billion over the past 30 days have caused U.S. spot Bitcoin [BTC] ETFs to record their worst monthly performance since their inception. This number is the highest of all 582 rolling 30-day periods that the firm tracks, highlighting a notable exodus of institutional capital from Bitcoin investment products. If the trend continues, such prolonged outflows could lessen the short-term demand support for Bitcoin prices. Needless to say, these outflows usually indicate waning investor sentiment, profit-taking, or a more general shift toward risk-off positioning. During these 30 days, BlackRock’s IBIT experienced the biggest outflows, totaling $4.51 billion, making it the loser of the month. Morgan Stanley’s MSBT, on the other hand, saw $1.25 billion in inflows after winning in these 30 days. While this happened, Bitcoin’s price dropped from about $76K in early May to $64K at the time of publication. As can be seen, it’s the Bitcoin price that triggered the outflows, which caused the price to move from a bullish to a bearish zone. On the other hand, the Ripple [$XRP] ETF and Hype [$HYPE] ETF both recorded inflows during the past month.However, in the face of this lackluster momentum, Franklin Templeton submitted a proposal to the U.S. Securities and Exchange Commission to establish a new ETF that would turn stock dividends into exposure to Bitcoin. According to a recent filing, the Franklin US Equity Bitcoin DRIP Index ETF is the proposed product that aims to replicate the VettaFi US Large-Cap 500 Bitcoin DRIP Index. In these past 30 days, BlackRock’s IBIT experienced the biggest outflows, whereas Morgan Stanley’s MSBT saw the largest inflows. Ethereum ETF followed similar p
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