Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have recorded $0 net inflows for the fourth time since their launch in January.
According to data provided by Farside Investors, spot BTC ETFs stood still on May 27 as the broader crypto market faced correction. Notably, this is also the first time in the past two weeks that Bitcoin ETFs recorded no inflows.
Data shows that the BTC ETFs registered over $2 billion in net inflows between May 13 and 24. The total net inflows in the first two weeks of this month reached $1.3 billion, offsetting the outflows of April.
The Bloomberg Senior ETF Analyst, Eric Balchunas, said on May 17 that investors should not worry about the short-term outflows in the ETF market. He added that BTC ETFs will “net positive long-term” returns.
Moreover, MicroStrategy founder Michael Saylor shared on May 27 that spot BTC ETFs are now holding over 1 million BTC across 32 investment products. This accounts for around 5% of the asset’s circulating supply.
BlackRock holds the highest amount of BTC in its ETF — 287,168 as of May 24. The list excludes GBTC shares.
Bitcoin witnessed a 1.24% drop following the $0 net inflows of the spot ETFs. The flagship cryptocurrency is trading at $67,900 at the time of writing. It’s important to note that BTC briefly touched an intraday high of around $70,590 at around 17:25 UTC on May 27.
