Data Snapshot: Sixth Day of Net Outflows
Bitcoin spot ETFs in the U.S. continued to bleed capital on June 25, with total net outflows reaching $696 million, according to data from SoSoValue. This marks the sixth consecutive trading day of net outflows. As of press time, the total net asset value of all bitcoin spot ETFs stood at $72.57 billion, representing 6.09% of bitcoin's total market cap. Historical cumulative net inflows remain robust at $52.05 billion.
Divergent Performance: Morgan Stanley MSBT Defies Trend, Fidelity FBTC Leads Outflows
A clear divergence emerged among ETF issuers. The Morgan Stanley ETF (MSBT) recorded the highest net inflow of the day at $9.17 million, bringing its historical total net inflow to $327 million. In contrast, Fidelity's FBTC was the largest outflow contributor, with a single-day net outflow of $274 million. Despite this pullback, FBTC still maintains a historical cumulative net inflow of $10.14 billion, reflecting its strong prior capital accumulation. Other major ETFs saw neither significant inflows nor outflows.
Market Implications: Sustained Outflows and Institutional Sentiment
The current six-day outflow streak represents one of the longest periods of net capital withdrawals from bitcoin spot ETFs since early 2025. While cumulative inflows remain above $52 billion, the short-term trend may indicate profit-taking or risk-off positioning among institutional investors. Notably, the net inflow into Morgan Stanley's MSBT suggests that some asset managers still hold a favorable long-term view on bitcoin. The market will closely watch whether the outflow momentum reverses and whether total net assets can hold above the $70 billion threshold.