US spot bitcoin ETFs endured net outflows for a seventh straight trading day on Monday — tying a record run earlier this year.
The 10 funds, tracked by Farside Investors, have collectively bled assets each trading day from June 13 to June 24 (excluding the Juneteenth federal holiday).
Outflows have totaled roughly $1.1 billion over those seven days — an average of $162 million per day, the data shows. Notably, Fidelity’s Wise Origin Bitcoin Fund (FBTC) has seen more capital exit its coffers than the outflow-leading Grayscale Bitcoin Trust ETF (GBTC).
The segment’s asset leader — BlackRock’s iShares Bitcoin Trust (IBIT) — has maintained very slight inflows of about $21 million during the run.
Overall, the fund category’s net inflows since the January launches have dipped to about $14.4 billion.
Read more: Empire Newsletter: Bitcoin surfs Elliot Waves to beat the heat
The streak is nearly unprecedented.
Seven consecutive days of outflows happened just once before, from April 24 to May 2, Farside Investors data indicates.
Negative flows during that span were only slightly heavier that time around, amounting to about $1.2 billion. About half of the hemorrhaging — $564 million — came on May 1 alone.
Read more: Why tracking bitcoin ETF flows matters. And why it doesn’t.
Analysts had, in part, attributed the outflow streak from April 24 to May 2 to investors taking profits after seeing big price appreciation on their shares.
This latest spot bitcoin ETF net outflow streak coincides with a substantial BTC price dip.
BTC price briefly fell below $60,000 on Monday. It was at about $61,760 at 11 am ET Tuesday — down 7% from a week ago.
Industry analysts and executives have noted the lack of near-term catalysts for the asset given upcoming Mt. Gox repayments, miners selling their BTC holdings and the Fed holding interest rates steady earlier this month.
Still, some expect bitcoin to hit a new all-time high above $73,000 in the coming months amid inflationary pressures, an ultimate Fed interest rate cut and continued institutional adoption.
The result of the US election in November could also prove to be a catalyst for BTC, depending on the winner.
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