Overview

In June, Bitcoin ETFs experienced significant outflows, particularly Grayscale Bitcoin Trust with outflows of $559 million. Despite the upcoming approval of spot Ethereum ETFs on July 4th, Bitcoin ETFs faced substantial outflows as reported by CNF.

Bitcoin ETF Performance

Data from Farside Investors revealed that most Bitcoin ETFs underperformed in June. The Grayscale Bitcoin Trust (GBTC) led the outflows, with almost $559 million withdrawn since June 10th. On June 27th, GBTC recorded $11.4 million in outflows, while other ETFs either saw inflows or remained neutral.

BlackRock's Bitcoin Holdings

In contrast to the BTC Spot ETF market volatility, BlackRock's iShares Bitcoin Trust (IBIT) had no outflows since June 10th. An SEC filing disclosed that BlackRock's Global Allocation Fund now holds 43,000 shares of IBIT, making it the third internal BlackRock fund to invest in Bitcoin. MacroScope, a blockchain analysis firm, first highlighted this move and also identified BlackRock's Bitcoin exposure in its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio.

VanEck filed an S-1 registration statement for the “VanEck Solana Trust,” aiming to launch a spot Solana ETF in the US. The anticipation for a Spot Ethereum ETF, alongside VanEck's filing, has had a notable impact on the market.

Bitcoin Price Impact

Following these developments, BTC showed a minor increase of 0.35%, trading at $61,401. However, Bitcoin still struggles to enter the bullish zone indicated by the RSI below the neutral level.