- Spot bitcoin ETFs in the U.S. experienced their fifth consecutive day of outflows on Thursday, totaling over $900 million in losses for the week.Grayscale’s GBTC and Fidelity’s FBTC led the outflows, while BlackRock’s IBIT was the only ETF to record net inflows.
Among all the ETFs managed by BlackRock with the largest asset base, known as IBIT, was the sole product that experienced net investments totaling one million dollars. The other products did not register any significant net inflows or outflows during this period.
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The volume of outflows we’ve seen recently is the most significant since late April, during which a total net loss of $1.2 billion was recorded across 8 trading sessions from April 24 to May 2. However, there was a noticeable improvement with inflows exceeding $4 billion in the subsequent 19 days of trading – until the outflows resumed on June 10.
As a crypto investor, I’ve noticed that Bitcoin prices have taken a hit in the recent past due to a number of reasons. Large holders selling off approximately $1 billion worth of Bitcoin has put downward pressure on the market. Additionally, the strength of the US dollar and a robust US technology index have further contributed to this trend.
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2024-06-21 11:10