ETFs
Bitcoin ETF Outflows Hit $228 Million Amid BTC Price Drop, What’s Happening?
Recent monitoring data from Farside Investors revealed a substantial net outflow of US$226.2 million from the US Bitcoin Spot ETF market yesterday. This significant move indicates a change in sentiment among investors.
While most funds saw outflows, BlackRock’s IBIT ETF emerged as the only fund to attract new investment, recording a net inflow of US$18.2 million. This development shows the different investor sentiments towards different Bitcoin ETFs in a volatile market, highlighting that not all funds are perceived the same by investors.
Detailed ETF performance and regulatory information
THE cryptocurrency The market saw some significant changes yesterday when it comes to Bitcoin exchange-traded funds (ETFs) in the United States. A total of 11 spot Bitcoin ETFs reported significant outflows totaling $226.21 million.
Fidelity FBTC was one of the biggest hits, seeing its second largest single-day outing since its inception, worth a staggering $106.4 million according to data from Farside Investors. Grayscale’s popular GBTC fund also saw net outflows of $61.5 million.
Other big names feeling the pinch included 21Shares’ Ark Invest and ARKB, with outflows of $52.7 million, while Bitwise and VanEck’s funds both lost around $10 million each . Smaller capital outflows were seen at Invesco and Galaxy Digital’s BTCO, at $2.7 million.
Bucking the trend, it was BlackRock IBIT, the largest spot bitcoin fund by net asset value. It actually attracted $18.2 million in new investment. Despite yesterday’s outflows, these 11 funds have collectively accumulated $15.30 billion in net inflows since their launch in January.
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Bitcoin Price Trends and Market Dynamics
Bitcoin has been on a roller coaster ride lately. Just last week, it looked like the price might surpass $72,000, but it failed to get over the hump. Instead, the price fell, falling almost 6.5% over the past seven days.
However, all is not gloomy. Santiment data analysts spotted a notable spike in buyer interest after Bitcoin plunged less than $67,000 on Thursday. Apparently, this is the second largest explosion of buying interest in the last two months. On the other hand, there doesn’t seem to be much selling pressure.
The big players also continue to stock up. The number of whales holding over 1,000 BTC has reached a new all-time high as institutional investors continue to flock. Although miners cashed out a larger number to cover their operating costs after the halving.
According to analytics guru Rekt Capital, this period in which Bitcoin failed to break out decisively could actually be a good thing for the longer market cycle. Historically, he says Bitcoin has never made a big move this soon after a halving.
Bitcoin is currently trading around $67,059, with over $26 billion worth of crypto traded in the last 24 hours. Overall, it is down about 0.77% on the day, bouncing between around $67,141 and $66,539. With a market capitalization still close to $1.3 trillion. A bit of turbulence lately, but some potentially promising signs for Bitcoin’s long-term trajectory based on historical patterns and whale accumulation.
Read also: Permanent Ethereum Holders Harvest 298,000 ETH in One Day, Will ETH Price Rebound Soon?