Fidelity's FBTC has surpassed Grayscale's GBTC in a negative trend that has been unfolding since mid-January. This marks a significant shift, as Grayscale's converted GBTC had been at the forefront of outflows, resulting in the loss of its position as the world's largest exchange-traded fund tracking Bitcoin's performance.

This change in direction occurred during the last two trading days of the week, with Fidelity's FBTC experiencing a substantial surge in outflows. Data from FarSide reveals that the 11 ETFs saw considerable withdrawals throughout the week, with four out of five trading days in the red. The total outflows amounted to $64.9 million on Monday, $200.4 million on Tuesday, $226.2 million on Thursday and $189.9 million on Friday. The sole exception was June 12, which saw $100.8 million in inflows.

Grayscale's GBTC, which has faced over $18 billion in outflows since its conversion, did not lead the outflows for two consecutive days – Thursday and Friday. Instead, GBTC saw $61.5 million and $52.3 million withdrawn on Thursday and Friday, respectively. In contrast, the outflows from Fidelity's FBTC skyrocketed to $106.4 million on Thursday and $80.1 million on Friday, marking the first time another ETF has taken the lead in outflows for two consecutive days.

The net outflows exceeding $550 million within a week from all ETFs had a predictable impact on Bitcoin's price movements. The asset was severely affected by the US CPI data and the subsequent FOMC meeting, both of which occurred mid-week. Despite recovering significant ground and challenging $70,000, it failed to maintain this position and was pushed down to $66,000 on Friday evening, its lowest price point in a month.

Prior to June 10, the ETFs had been on a month-long streak of consecutive days of inflows, resulting in a price surge from approximately $60,000 to around $72,000. This recent reversal highlights the ETF's influence on the underlying asset's price movements.