Bitcoin Spot ETFs Suffer Longest Consecutive Outflows Since Launch

Bitcoin spot ETFs have seen their longest streak of consecutive outflows since launching in January 2024. According to Pluang, $1.79 billion was withdrawn from these funds for the week ending June 26, marking the second-largest weekly redemption since their debut.

This outflow is part of a seven-week streak, with BlackRock's IBIT fund leading the withdrawals at $1.3 billion. This figure reflects diminishing institutional interest in Bitcoin amid its price hovering around $60,000 and a broader decline in the crypto market.

The sustained outflows contrast with previous short-lived drops, signaling potential ongoing investor caution. This development may have implications for the overall health of the cryptocurrency market.