US spot Bitcoin exchange-traded funds (ETFs) are on track to notch their longest-selling stretch after recording an outflow of $174 million on Monday, the seventh in a row, according to data from SoSoValue.
On Monday, Grayscale’s GBTC recorded $90 million in withdrawals, while Fidelity’s FBTC experienced $35 million in outflows.
Franklin Templeton’s EZBC saw its first net outflow since May 2, with $20.8 million withdrawn yesterday. Other funds also reported outflows yesterday, including VanEck’s HODL ($10 million), Bitwise’s BITB ($8 million), Ark Invest/21Shares’ ARKB ($7 million), and Galaxy Digital’s BTCO ($2 million).
BlackRock’s IBIT, along with funds from Valkyrie, WisdomTree, and Hashdex, recorded zero flows.
The downturn follows a 19-day inflow streak that ended on June 11. If the ETFs continue to bleed today, this will mark the longest outflow streak on record.
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Spot Bitcoin funds recorded the longest outflow streak on May 2 after these ETFs saw outflows for the seventh consecutive day. On May 3, the outflow streak ended as the funds reported $378 million in inflows.
Bitcoin tumbles
The ETF outflows came amid Bitcoin’s (BTC) price correction. On Monday, BTC dipped below $59,000 following news that Mt. Gox’s trustee will start repaying creditors in July with over $9 billion in Bitcoin and Bitcoin Cash.
According to CoinGecko’s data, BTC is trading close to $61,000 at the time of writing, down 3% over the past 24 hours.
