Title: Spot Bitcoin ETFs in the US Witness Significant Outflows for the Fifth Consecutive Day
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) faced a challenging week as they experienced continual outflows for the fifth day in a row. The outflows reached their highest level since mid-April, surpassing $900 million.
According to data from SoSoValue, a total of 11 ETFs recorded outflows of $140 million on Thursday alone, with a trading volume of $1.1 billion. Grayscale’s GBTC, which converted to an ETF in January, saw the largest outflow of $53 million, followed by Fidelity’s FBTC with $51 million.
Interestingly, BlackRock’s IBIT, the largest ETF in terms of assets, was the only one to see net inflows, although it was only at $1 million. Other ETFs did not experience any significant inflow or outflow activity.
The current wave of outflows is the worst since late April, when there were net outflows of $1.2 billion between April 24 and May 2. However, there was a period of inflows after that, with over $4 billion being invested in the next 19 days. Unfortunately, the recent outflow trend started on June 10 and has persisted.
The decline in Bitcoin prices over the past few weeks can be attributed to various factors, including substantial sales by major holders amounting to $1 billion, the strength of the US dollar, and impressive performance in the US tech index market. These factors have collectively contributed to the challenges faced by Bitcoin ETFs.
Disclaimer: The information provided in this article is not investment advice.
To explore investment opportunities in over 300 cryptocurrencies, you can register with Binance exchange and enjoy a 20% COMMISSION DISCOUNT by following this link! Stay updated with exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.
Comments:
0 comments
