Bears dominate crypto ETF markets this week as well

Bitcoin spot ETFs saw strong outflows, continuing this trend for another week.

As of June 24, these products recorded a total net outflow of $174 million, according to data of Farside Investors. Only Grayscale's GBTC ETF noted net outflow of $90.42 million in one day. The total net worth of Bitcoin spot ETF assets are $51.53 billion.

Data from Farside Investors shows that spot BTC ETFs have seen the biggest outflows in a two-week period since the US approved them. During that period, investors withdrew a net total of $1.1 billion from these funds.

Overall, digital asset investment products saw a second week of outflows totaling $584 million, according to report on CoinShares. Investor pessimism about a potential rate cut by the Federal Reserve appears to have contributed to this.

Last week also saw the lowest global exchange-traded product (ETP) trading volumes since the launch of US ETFs in January, with trades totaling just $6.9 billion for the week.

The United States led the outflows with $475 million withdrawn, while Canada also saw significant outflows of $109 million. Germany and Hong Kong also reported outflows of $24 million and $19 million, respectively. Switzerland and Brazil, however, saw inflows of $39 million and $48.5 million, respectively.

Bitcoin saw the largest outflow of $630 million, but there was no increase in short positions despite the negative sentiment. Ethereum also faced outflows totaling $58 million.