Spot Bitcoin ETFs See $223M Net Outflows On Monday

Bitcoin‘s BTC/USD strong start to the week hit a road bump after Monday’s trading data showed that interest in spot ETFs appears to be cooling off.

What Happened: Data from SoSoValue reveals a net outflow of $223 million on Monday, primarily driven by Grayscale‘s Bitcoin Investment Trust GBTC, which saw a significant single-day net outflow of $303 million.

While the overall trend leans towards outflows, some spot Bitcoin ETFs are still attracting investment.

Bitwise ETF NYSE BITB led the inflows yesterday, bringing in approximately $40.33 million. BlackRock’s iShares Bitcoin Trust IBIT recorded a net inflow of $21.27 million.

This highlights the ongoing competition within the newly established Bitcoin spot ETF market.

In a separate development, James Seyffart, an ETF analyst at Bloomberg, reported that Defiance Investments has filed an application with the U.S. SEC to launch a 2x leveraged Ethereum futures ETF.

This potential new offering could be available for trading as early as late June and adds another layer of complexity to the cryptocurrency investment landscape.

The filing also mentions Defiance’s intention to introduce a 2x leveraged short ETF targeting MicroStrategy.

Also Read: Cathie Wood: US Crypto Industry Suffers From ‘Brain Drain,’ Praises Hong Kong’s Regulatory Approach

Further complicating the regulatory environment for Bitcoin ETFs, the U.S. SEC announced a delay in its decision regarding Bitwise and Grayscale’s applications for Bitcoin ETF options.

Citing the need for more time to consider the rule change proposals, the SEC has pushed back its deadline to May 29.

What’s Next: The recent outflows from Bitcoin spot ETFs, coupled with the potential launch of leveraged Ethereum futures ETFs, raise questions about investor sentiment and risk appetite.

Industry experts are likely to dissect these trends and their broader implications at upcoming conferences like the Benzinga Future of Digital Assets conference scheduled for Nov. 19.

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