U.S. spot bitcoin ETFs lost a net $231 million on Monday, with BlackRock’s IBIT accounting for $300 million of outflows that were partially offset by other funds, including $50 million to ARKB and $35 million to GBTC, per SoSoValue data.
The outflow lands as risk appetite elsewhere increases. Wall Street’s technology rally spread to Asia on Tuesday, with the MSCI Asia Pacific index rising 1% on the year’s final trading day after a semiconductor rebound helped the S&P 500 snap a five-session losing streak. The Asian benchmark is on course for its biggest quarterly gain in nearly 17 years.
South Korea’s Kospi, which plunged 10% in a single session earlier this month, climbed 2.1% to extend its lead as the world’s best-performing major benchmark this year. Samsung is up more than 100% this quarter and SK Hynix is up nearly 240% since April. The yen fell to its weakest level against the dollar since 1986, a sign that investors are funding the AI trade by borrowing in the yen.
However, Bitcoin ETFs do not participate in this capital rotation. The same AI infrastructure spending fueling record quarters in Seoul and Tokyo is the trade competing for the dollars that might otherwise flow into bitcoin, a dynamic that has run through this month’s coverage of SpaceX, Anthropic and the chip sector.
