BTC ETF lost nearly $227 million in net outflows over the past week

Bitcoin and major altcoins have continued to bleed as some of the biggest buyers pull capital from ETFs.

Spot Bitcoin ETFs recorded nearly $227 million in outflows in the past week, according to market data from SoSovalue. The latest record extends the outflow streak to six straight weeks, although its the least amount for that period.

In the week before, $BTC saw a negative $315.8 million total net flow. The highest weekly outflow came in the first week of June at $1.72 billion, Cryptopolitan reported.

$BTC ETF weekly outflow record. Source: SoSoValue

As of June 20, the 30-day net outflow stood at $6.35 billion. Galaxy Research says its the worst stretch across all 582 rolling 30-day windows.

$SOL, $XRP, $HYPE ETFs saw inflows except $ETH

Major altcoins, except $ETH, recorded net inflows last week, but far less than during market rallies.

Spot Ethereum ETFs lost $10.05 million in net outflows, also marking their sixth week of withdrawals, according to SoSoValue data.

$SOL ETFs gained $7.11 million in net inflows. $XRP ETFs also gained $10.66 million, while $HYPE ETFs recorded as high as $27.95 million in net inflows. DOGE and $BNB ETFs saw less than $300K in inflows.

Despite the inflows, most of these altcoins, including $BTC, traded lower in market price.

$BTC is down by 2.50% in the last seven days, trading at $64,521 at the time of writing. $ETH is down only 0.22%. $XRP and $BNB are down 6.35% and 4.11%, respectively. $HYPE also sees 0.69% decline in 7days.

$BTC holders remain hopeful

While ETF investors have been pulling cash amid lower prices, on-chain data shows long-term holders remain unwavering in their conviction.

Galaxy Research data pointed out that Bitcoin supply controlled by long-term holders (those holding for 155 days or longer) has reached an all-time high of 16.64 million $BTC. That‘s roughly 83% of Bitcoin’s current circulating supply.

Bitcoin supply held by long-term holders (155 days+) has reached an all-time high (16.64m $BTC, 83% of current supply)

Also, despite the six-week outflows, asset managers continue to issue Bitcoin ETFs.

Recently, $1.6 trillion asset manager Franklin Templeton filed to launch two new Bitcoin-linked ETFs that would maintain a 95% U.S. equity and 5% Bitcoin allocation. The fund is structured to automatically accumulate $BTC using dividends from selected U.S. stocks.