The cryptocurrency market has witnessed a significant downturn, with spot Bitcoin ETFs experiencing a record $152 million in outflows on Tuesday, June 18. This marks the first day since their launch in January 2024 that none of the spot Bitcoin ETFs reported any inflows. Fidelity's FBTC and Grayscale's GBTC were the most affected, with FBTC witnessing the highest outflows of $83 million.

The spot Bitcoin ETF market has been experiencing a slowdown in recent days, with continuous outflows over the last four trading sessions. The total assets under management for the spot Bitcoin ETFs have dropped to $14.7 billion, with BlackRock and Fidelity dominating the market, holding 477,121 BTC, valued at $31.4 billion.

According to Samara Cohen, Chief Investment Officer of ETF and Index Investments at BlackRock, self-directed investors have been driving Bitcoin ETF purchases, accounting for nearly 80% of the demand. However, registered investment advisors have been more cautious due to concerns over Bitcoin's price volatility, regulatory compliance, and the crypto's reputation for fraud and scandal.

The recent outflows have put selling pressure on the Bitcoin price, which is struggling to hold above $65,000. In contrast, Australia's spot Bitcoin ETFs have been witnessing minor inflows since their launch last week.

This shift in investor sentiment raises questions about the future of spot Bitcoin ETFs and their ability to attract investors. As the cryptocurrency market continues to evolve, it remains to be seen whether spot Bitcoin ETFs will regain their appeal or if investors will seek alternative investment options.