U.S. spot bitcoin ETFs lost a net $231 million on Monday, with BlackRock’s IBIT accounting for $300 million of outflows that other funds partly offset, including $50 million into ARKB and $35 million into GBTC, per SoSoValue data.
The outflow lands as risk appetite elsewhere is surging. Wall Street’s technology rally spread into Asia on Tuesday, with the MSCI Asia Pacific index up 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 track for its biggest quarterly gain in almost 17 years.
South Korea’s Kospi, which crashed 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 has gained almost 240% since April. The yen slid to its weakest level against the dollar since 1986, a sign investors are funding the AI trade by borrowing in yen.
Bitcoin ETFs are not participating in that capital rotation, however. 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 the month’s coverage of SpaceX, Anthropic and the chip sector.