In a notable shift within the cryptocurrency investment landscape, U.S. spot Bitcoin exchange-traded funds (ETFs) reported substantial net outflows amounting to $226.21 million. Fidelity’s FBTC ETF experienced the most significant outflows, losing $106 million in one of its largest single-day withdrawals since its inception, according to SoSoValue data.

Grayscale’s GBTC and Ark Invest's ARKB were also significantly affected, with outflows of $62 million and $53 million, respectively. Other ETFs, such as those from Bitwise and VanEck, saw smaller but still notable net outflows of around $10 million each. Invesco and Galaxy Digital’s BTCO reported net outflows of $3 million.

In contrast, BlackRock’s IBIT ETF, the largest spot Bitcoin fund by net asset value, was the only fund to record a net inflow, attracting $18 million on Thursday.

Since their introduction in January, the 11 U.S. spot Bitcoin ETFs have collectively accumulated a total net inflow of $15.30 billion. However, recent market trends have seen Bitcoin’s price decline by 1.48% over the past 24 hours, now standing at $66,704 according to The Block’s Bitcoin price page.

SEC and Ether ETFs: Anticipated Developments

In related ETF news, SEC Chair Gary Gensler indicated that the agency might deliver its decision on spot Ether funds this summer. Last month, the SEC provided preliminary approval for spot Ether ETF applications, with issuers currently awaiting the green light for their S-1 registration statements to officially launch these funds. Analysts at JPMorgan predict that spot Ether funds could start trading before November this year.

Bitfinex analyst Jag Kooner suggested that these new spot Ether funds could capture up to 20% of the investments currently going into spot Bitcoin ETFs. However, crypto derivatives trader Gordon Grant noted that institutional investors might find these spot Ether funds less appealing due to the removal of staking components, a consequence of ongoing regulatory uncertainty.

The evolving dynamics within the cryptocurrency ETF market reflect broader trends and regulatory developments, indicating significant shifts in investor sentiment and potential future market movements.