Is the $671M Bitcoin ETF outflow the start of something bigger?
The post Is the $671M Bitcoin ETF outflow the start of something bigger? appeared on BitcoinEthereumNews.com.
The US Bitcoin Exchange Traded Funds (ETFs) hit their largest net outflow of $671.9 million. Fidelity’s FBTC led the charge with a record $208.5 million outflow, while BlackRock’s IBIT stood steady with a $0 net flow. This outrush has marked a major shift in the market after watching 15 days of BTC inflow streak. The global digital assets market witnessed a drop of more than 6% in the last 24 hours as Bitcoin and major altcoins printed heavy red indexes. The cumulative crypto market cap stands at $3.3 trillion with a trading volume of $275 billion. However, the fear and greed index is still flashing ‘Greed’ on the radar. Bitcoin ETFs bleed As per the SosoValue data, Grayscale’s Bitcoin Trust (GBTC) reported a withdrawal of $87.86 million, and Ark’s ARKB noted $108.4 million in outflows. GBTC’s total outflow stands at a massive $21.24 billion. Grayscale’s mini BTC fund saw $188.6 million of outflow while Bitwise’s BITB reported a withdrawal of $43.6 million. The largest spot bitcoin ETF by net assets, BlackRock’s IBIT, reported zero flows among the rest of the funds. Meanwhile, WisdomTree’s BTCW turns out to be the only fund among all the BTC ETFs to record positive flows of $2 million. The total trading volume of 12 spot bitcoin ETFs hit $6.3 billion on Thursday. Total net assets under all funds stood at $109.66 billion which is 5.74% of Bitcoin’s market cap. The Bitcoin price dropped by around 8% in the last 24 hours dragging down its bullish run. Despite smashing all the records, BTC is down by 4.8% over the past 7 days. Bitcoin is trading at an average price of $95,242, at press time. The selloff wasn’t limited to Bitcoin ETFs as Ethereum linked ETFs also broke their 18-day inflow streak. ETH linked funds reported an…
