Bitcoin ETF, net outflow of 475.3 billion won in one day… Sign of drastic change in investment sentiment

On July 1st, U.S. local time, the spot BTC ETF market in the United States experienced an outflow of approximately $342 million (about 475.3 billion won), abruptly stopping the inflow trend that had continued for the past 15 days. This is interpreted as a signal of a clear shift in investment sentiment. This outflow, the first since June 6th, put a brake on the upward trend that had seen cumulative net inflows of $4.897 billion (about 68 trillion 631 billion won) in June, with ETF total assets exceeding $131 billion (about 181 trillion 9 billion won). According to SoSoValue data, the largest outflow occurred in Fidelity's FBTC, with $172.73 million (about 239.6 billion won) flowing out in a single day. Subsequently, Grayscale's GBTC saw a net outflow of $119.51 million (about 165.9 billion won), while Ark Invest's ARKB and Bitwise's BITB each saw outflows of $27.03 million (about 37.5 billion won) and $22.98 million (about 32 billion won), respectively. BlackRock's iShares Bitcoin Trust (IBIT), which boasts the largest total assets among ETFs, recorded a 'zero flow' with neither net inflows nor outflows, putting a temporary pause to its record-breaking capital inflow march. While the total trading volume exceeded $2.7 billion (about 3.753 trillion won), considering the strong inflows of over $500 million (about 695 billion won) at least three times in the past two weeks, this outflow can be seen as a clear change in investment sentiment. In fact, there were net inflows of $588.55 million (about 818.5 billion won) on June 24th, $547.72 million (about 761.2 billion won) on June 25th, and $501.27 million (about 696.7 billion won) on June 27th. However, due to the outflow on July 1st, the cumulative net inflow decreased by more than $400 million (about 556 billion won), dropping to $4.863 billion (about 67 trillion 6,967 billion won). While ETF-based demand has somewhat weakened, major companies' Bitcoin purchases have instead expanded. According to market research firm BitcoinTreasuries, listed companies purchased a total of 131,000 BTC in the second quarter of 2025, surpassing the ETF inflow of 111,000 BTC and marking the third consecutive quarter where corporate purchases exceeded ETF inflows. Meanwhile, Bitcoin prices remain stable. At the time of writing, BTC fluctuated between $105,402 and $107,139 (about 146.55 million to 148.92 million won) in the past 24 hours, rising 0.1%. Over the past week, it increased by 0.5%. As of the 30th, the annual increase is 1.7%, and the year-to-date increase is a remarkable 70.6%, though it remains 4.3% below the all-time high of $111,814 (about 155.43 million won) recorded on May 22nd.