Bitcoin exchange-traded funds (ETFs) in the United States faced notable outflows, totaling $278 million, as sentiment deteriorated due to the ongoing feud between US President Donald Trump and billionaire Elon Musk. This followed a brief recovery on June 3-4, but investors remained spooked by their explosive social media exchanges. The Cryptocurrency Fear & Greed Index dropped from "Greed" to "Fear" on June 6, reflecting wider investor apprehension beyond just Bitcoin.
Bitcoin ETFs had already been struggling, with previous outflows estimated at $1.2 billion from May 29 to June 2. In the last trading week, global Bitcoin exchange-traded products faced a further $8 million in outflows, while Ether ETPs experienced inflows of $321 million. Notably, the ARK 21Shares Bitcoin ETF saw outflows of $102 million on June 5, leading this trend as all funds recorded no inflows that day.
Despite Bitcoin's challenges, US spot Ether ETFs continued to attract investment with $11.3 million in inflows on June 5, marking 14 consecutive days of positive moves, despite a decline from the previous days' higher figures. This trend highlights a divergence in sentiment between Bitcoin and Ether as institutional interest includes BlackRock's purchase of $50 million in Ether recently.
Bitcoin ETFs had already been struggling, with previous outflows estimated at $1.2 billion from May 29 to June 2. In the last trading week, global Bitcoin exchange-traded products faced a further $8 million in outflows, while Ether ETPs experienced inflows of $321 million. Notably, the ARK 21Shares Bitcoin ETF saw outflows of $102 million on June 5, leading this trend as all funds recorded no inflows that day.
Despite Bitcoin's challenges, US spot Ether ETFs continued to attract investment with $11.3 million in inflows on June 5, marking 14 consecutive days of positive moves, despite a decline from the previous days' higher figures. This trend highlights a divergence in sentiment between Bitcoin and Ether as institutional interest includes BlackRock's purchase of $50 million in Ether recently.
