Blackrock’s IBIT recorded the largest outflow of funds on the last day of the trading week.
The Bitcoin ETF lost $183.6 million on Jan 10 contributing to the $149 million net outflow of the 11 spot Bitcoin ETFs.
There was minimal activity in the market on Friday last week with very few of the Bitcoin ETFs recording transactions.
Only four out of the 11 Bitcoin ETFs recorded transactions for the day with the remaining 7 ETF products remaining null.
Farside Investors UK revealed that Blackrock’s IBIT led the outflows for the day losing $183.6 million.
The second and the last outflow of the day came from Bitwise BITB which lost a mere $1.6 million.
Minimal inflows were recorded in three Bitcoin ETFs but it wasn’t enough to offset the outflows.
Fidelity’s FBTC, Grayscale’s GBTC, and Ark ARKB recorded $16.6 million, $13.5 million, and $5.7 million respectively.
The remaining 7 ETF products recorded no transactions for the day.
Bitcoin dips to $89,000 following Market Bloodbath
The entire crypto market is in the red zone as prices have dropped abysmally over the past two days.
Bitcoin the flagship cryptocurrency dropped to as low as $89,000 but has currently retraced.
The asset is currently exchanging hands for $91,257 dropping by 3.8% in the last 24 hours. Bitcoin is down by 8.2% in the last 7 days and has dropped by 9.7% on a 30-day scale.
In the last 12 hours, the Total Liquidation volume of the entire crypto network stood at $558 million of which $503 million was long order liquidation.
7 days to Trump’s Inauguration
Donald Trump will be inaugurated on Jan 20, seven days from today. Trump’s inauguration is expected by Analysts to improve the market condition as his administration has pledged to be pro-crypto while providing a clear regulatory framework for the industry.
Major stakeholders in the Crypto space are lobbying Donald Trump to launch a strategic Bitcoin Reserve within the first 100 days in office.
Circle’s CEO Paolo Ardoino donated $1 million to the Trump Transition team in hopes of a favorable climate for the crypto industry during the Trump administration.
It remains to be seen how Donald Trump’s assumption of Office would affect the price of crypto assets in the market.
