U.S. spot Bitcoin ETFs have recorded their sixth consecutive week of losses. As of June 18, the net outflow reached $90.66 million.
Source: SoSoValue.Over the past month and a half, a total of $5.94 billion has been withdrawn from these funds. This marks the longest streak of negative performance since the instruments were launched.
Jeff May, COO of the BTSE exchange, linked this trend to a capital shift towards AI company stocks. He believes market attention has shifted to this sector in anticipation of IPOs from major players like OpenAI.
Despite the prolonged outflow, the pace of withdrawals is slowing. While weekly outflows exceeded $1.7 billion at the beginning of June, they dropped to $226 million by mid-month.
CoinEx analyst Jeff Ko noted that the wave of sell-offs is nearing its end. A significant portion of the outflows is attributed to the closure of arbitrage trades rather than a decline in demand for the underlying asset. Meanwhile, long-term investors, including pension funds, are maintaining their positions.
The price of Bitcoin has stabilized around $64,000. Macro-economic factors continue to exert pressure on the market, particularly the hawkish stance of the new Fed Chair Kevin Warsh, who reaffirmed his intention to reduce inflation to 2%.
Analysts believe that cryptocurrency prices will remain range-bound until there is a shift in the regulator's policy or clear positive drivers emerge in the industry.
It’s worth noting that in June, BlackRock launched the iShares Bitcoin Premium Income ETF on Nasdaq. This Bitcoin ETF combines exposure to the spot price of the coin with active selling of covered call options.