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.
Spot BTC ETF daily flow. Source: SoSoValue
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.
IBIT daily cash flow. Source: SoSoValue
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.
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FBTC daily cash flow. Source: SoSoValue
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.
BTC/USD 30-day chart. Source: Finbold
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.
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