Key Points
- Bitcoin ETFs have seen significant outflows in June, led by Grayscale Bitcoin Trust with $559 million.
- BlackRock’s Global Allocation Fund has disclosed ownership of 43,000 IBIT shares.
Despite the impending approval of spot Ethereum (ETH) ETFs on 4 July, Bitcoin (BTC) ETFs have experienced considerable outflows throughout June, according to a recent CNF report.
Bitcoin ETFs Underperform
Data from Farside Investors showed that most Bitcoin ETFs underperformed in June. Leading the outflows was the Grayscale Bitcoin Trust (GBTC) with nearly $559 million since 10 June.
On 27 June, GBTC was the only Bitcoin ETF to record $11.4 million in outflows. Other ETFs either recorded inflows or remained neutral with no inflows or outflows.
BlackRock’s Move
Despite the volatility in BTC’s Spot ETF market, the iShares Bitcoin Trust (IBIT) by BlackRock has had zero outflows since 10 June. An SEC filing revealed that BlackRock’s Global Allocation Fund now holds 43,000 shares of IBIT, making it the third internal BlackRock fund to invest in Bitcoin.
This was first highlighted by MacroScope, a blockchain analysis firm. The firm also noted BlackRock’s Bitcoin exposure in its Strategic Global Bond Fund and in its Strategic Income Opportunities Portfolio.
VanEck recently filed for an S-1 registration statement for its “VanEck Solana Trust,” marking the first attempt to launch a spot Solana [SOL] ETF in the US. This, coupled with the anticipation for a Spot Ethereum ETF, has stirred the market.
Impact on Bitcoin’s Price
Following these updates, BTC saw a modest increase of 0.35%, trading at $61,401 at the time of writing. However, Bitcoin is still struggling to enter the bullish zone on the charts, as indicated by the RSI remaining below the neutral level.