The 11 Bitcoin ETFs recorded heavy outflows from various funds draining major inflows into funds like Blackrock’s IBIT.
The Outflows put an end to a two-day streak of inflows into the Bitcoin ETFs totaling nearly $2 billion.
The outflows resurfaced after two days of only inflows in both Bitcoin and Ethereum ETFs.
Five out of the 11 Bitcoin ETFs recorded outflows with only Blackrock’s IBIT pulling in funds for the day.
The Bitcoin ETFs ended the trading day with a net inflow of $52.4 million.
Farside Investor’s UK revealed that ARK 21 shares ARKB led the outflows for the day losing $212.6 million.
Grayscale’s GBTC and Bitwise BITB followed suit with outflows of $125.4 million and $113.8 million respectively.
Fidelity’s FBTC recorded an outflow of $86.3 million while Franklin EZBC pulled in $5.6 million, the least amount for the day.
Blackrock’s IBIT recorded a staggering $596 million. The inflow for the day. Blackrock’s Inflow was able to offset the outflows leaving only a paltry $52.4 million.
The remaining funds like Investco’s BTCO and VanEck’s HODL recorded no transaction for the day.
Bitcoin slides to $94,000 amid escalating Inflation fears
Bitcoin the flagship cryptocurrency dropped by 3.6% to $94,919 following rising inflation fears.
Market sentiment turned bearish following strong US economic data. The recently released data sparked concerns about persistent inflation and delayed rate cuts.
The upcoming Trump inauguration slated for January 20 and key economic events later this month are expected to drive further market volatility.
Bitcoin retouched the $100,000 psychological barrier this week after spending the Christmas period below it. The crypto asset has now slumped back to its Xmas period following rising inflation fears.
Last Christmas, the Crypto market witnessed no “Santa Bonus” as major crypto assets remained stagnant throughout the season.
A strategic Bitcoin reserve by the United States can send Bitcoin Prices as high as $500,000 according to Bitwise CIO Matt Hougan.
A Bitcoin reserve would spark a response from other jurisdictions that take a cue from the United States driving up demand and price.
