The Spot Exchange Traded Funds (ETFs) have been in a prolonged period of negative performance.
Galaxy Research reports that a net outflow of $6.35 billion in the past 30 days has driven US spot Bitcoin [BTC] ETFs are posting their worst monthly performance since their inception.
This number is the highest among all 582 rolling 30-day periods the company tracks, highlighting a notable exodus of institutional capital from Bitcoin investment products.
If the trend continues, such prolonged outflows could reduce short-term demand support for Bitcoin prices. Needless to say, these outflows usually indicate declining investor sentiment, profit-taking or a more general shift towards risk-neutral positioning.
Bitcoin ETF Winners and Losers
During these 30 days, BlackRock’s IBIT saw the largest outflows, totaling $4.51 billion, making it the loser of the month. Morgan Stanley’s MSBT, on the other hand, saw $1.25 billion in post-earnings inflows in the 30 days.
As this happened, the price of Bitcoin dropped from around $76,000 in early May to $64,000 at the time of publication.
As you can see, it is the Bitcoin price that caused the outflow, causing the price to move from a bullish to a bearish zone.
How do other ETFs perform?
While Bitcoin ETFs had a difficult period, spot Ethereum [ETH] ETFs also saw outflows of $1.149 billion. Also in the ETH space BlackRock’s ETHA saw the largest outflowswhile Fidelity’s FETH saw the largest inflow.
As for the Solana [SOL] ETF received $113.34 million in inflows in these 30 days. 
Source: SoSo value
On the other hand, the Ripple [XRP] ETF and hype [HYPE] ETFs both recorded inflows last month.
Franklin Templeton’s New Bitcoin ETF Filing
However, in light of this lackluster momentum, Franklin Templeton has filed a proposal with the U.S. Securities and Exchange Commission to create a new ETF that would convert stock dividends into Bitcoin exposure.
According to a recent filing, the Franklin US Equity Bitcoin DRIP Index ETF is the proposed product that aims to replicate the VettaFi US Large-Cap 500 Bitcoin DRIP Index.
Final summary
- Over the past 30 days, BlackRock’s IBIT has seen the largest outflows, while Morgan Stanley’s MSBT has had the largest inflows.
- Ethereum ETF followed a similar pattern to Bitcoin ETF, but Solana ETF, XRP ETF and HYPE ETF took a different route.