Previously, the funds experienced heavy outflows when the underlying cryptocurrency declined sharply, for example in April.
The idea that the rapid growth in assets for the spot bitcoin ETFs was a result of the herd chasing"number go up" price action received a setback in June. Data from Bloomberg Intelligence shows the spot funds saw net inflows of $790 million even as the price of bitcointumbled 7%. Leading the way was what's now the largest of the spot ETFs, BlackRock's iShares Bitcoin Trust , where inflows topped $1 billion, offsetting by itself what continue to be sizable outflows from the high-fee Grayscale Bitcoin Trust .
The action stands in contrast to that of April, when the spot funds as a group saw large outflows as bitcoin's price declined 15% that month.
Ether ETF issuers have been asked to re-submit an important filing before July 8, according to reports, which spurred hopes that the ETFs will likely hit the market this month.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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