Bitcoin ETF Outflows Continue as Altcoins Gain Traction

The crypto market saw a mixed week of flows, but the overall trend remains negative for Bitcoin ETFs. The category recorded $226.8 million in net outflows for the week ending June 19, marking its sixth consecutive week of outflows.

Grayscale's GBTC was the largest drag on the category, losing $156.3 million. Other notable redemptions came from Ark & 21Shares' ARKB ($50.1 million), Blackrock's IBIT ($44.7 million), and Vaneck's HODL ($14.6 million).

However, not all funds were affected equally. Morgan Stanley's MSBT added $25.8 million, Grayscale's Bitcoin Mini Trust brought in $15 million, and Fidelity's FBTC gained $9.6 million.

The wider backdrop remains challenging for institutional investors. According to Galaxy Research, U.S. spot bitcoin ETFs have posted a record $6.35 billion in net outflows over the past 30 days.