Bitcoin Spot ETFs Remain Strong With Over $50B in Assets

The total net asset value (NAV) of all Bitcoin spot exchange-traded funds (ETFs) has remained strong with over $50 billion despite the recent market struggles. This record underscores investors’ confidence in the product and also a testament to the increasing mainstream adoption.

According to data from SosoValue, the total net asset value of the Bitcoin spot ETFS currently stands at a whopping $51.53 billion. This figure represents the combined value of all the bitcoin held by these ETFs, divided by the total number of shares issued.

$174M Net Outflows

Meanwhile, this metrics comes amid the financial products recording a significant $174 million total daily net outflow on Monday, marking their seventh consecutive day of negative flows.

The SoSoValue data shows that Grayscale’s Bitcoin Trust (GBTC) led the pack of outflows with $90 million. Trailing GBTC is Fidelity Wise Origin Bitcoin Fund (FBTC) with $35 million worth of outflows.

Several other funds that saw net outflows on Monday include VanEck Bitcoin Trust (HODL) with $10 million, Bitwise Bitcoin ETF (BITB) with $8 million, Ark Invest and 21Shares’ ARKB fund had $7 million. Invesco Galaxy Bitcoin ETF (BTCO) saw an outflow of $2 million.

Franklin Templeton’s EZBC recorded net outflows of $20.8 million which is its first net outflow since May 2. Data also shows that BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot bitcoin ETF in terms of net asset value, saw zero flows on Monday, along with funds from Valkyrie, WisdomTree and Hashdex. There were no reported net inflows.

Market Struggle Continues

The outflows came amid Bitcoin hitting its lowest point in nearly six weeks, where it briefly dipped under the $60,000 mark on Monday. At press time, the leading cryptocurrency exchanged hands at $60,871 representing a 1.84% decline in the past 24 hours.

Bitcoin’s price decline followed a major announcement from Mt. Gox, the defunct cryptocurrency exchange that declared bankruptcy in 2014 after suffering multiple hacks. The firm announced on Monday that it plans to distribute $9 billion worth of bitcoin and bitcoin cash repayments to creditors from July.

Despite the market struggles, several experts have shared an optimistic outlook for the leading crypto asset. Recently, an analyst shared technical indicators suggesting that the price of Bitcoin might soon head into a bull run.