The United States spot Bitcoin (BTC) exchange-traded funds (ETFs) have registered 12 consecutive days of cash outflows.
The U.S. spot Bitcoin ETFs have liquidated BTC valued at $3.97 billion over the past 12 days, according to data from SoSoValue analyzed by Finbold on June 3. As such, these funds hold approximately $85 billion in BTC at press time.
The notable outflow from U.S. spot BTC ETFs was due to a net sell-off by BlackRock’s iShares Bitcoin Trust (IBIT). Over the past 12 days, IBIT recorded a net cash outflow of around $2.939 billion. Consequently, IBIT held BTC valued at about $52.18 billion at the time of reporting.
Additionally, the notable outflow from U.S. spot BTC ETFs over the past 12 days was driven by liquidations in the Fidelity Wise Origin Bitcoin Fund (FBTC). Notably, FBTC recorded a net cash outflow of nearly $403 million during this period, leaving it holding BTC worth $12.10 billion on Wednesday.
Bitcoin price bleeds amid spot BTC ETFs sell-off
Following significant Bitcoin outflows from U.S. spot ETFs, the flagship coin has faced heightened selling pressure. After being rejected at a supply level around $82,000 earlier last month, BTC price fell nearly 15% over 30 days, trading at $67,260 at the time of publication.
As such, the near-term outlook for BTC price remains dependent on spot ETFs, led by IBIT. Earlier on Wednesday, BlackRock deposited 6,000 BTC, worth nearly $403 million, to Coinbase Prime, thereby signaling further sell-off ahead, based on metrics from Arkham Intelligence. However, if U.S. spot BTC ETFs resume accumulation, the flagship coin could rebound.
