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HomeBitcoinSpot Bitcoin ETFs Sheds $35M As Capital Exodus Continues

Spot Bitcoin ETFs Sheds $35M As Capital Exodus Continues

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After a brief period of inflows, spot Bitcoin ETFs are back to registering outflows with the most recent as high as $35 million.

Another Day of Spot Bitcoin ETF Outflows 

In today’s update provided by blockchain analytics platform Lookonchain, it was revealed that Grayscale lost 535 Bitcoin to outflows.

This Bitcoin outflow was valued at approximately $30.7 million, leaving the investment asset management firm with 274,734 units of BTC ($15.76 billion). Also, some other spot Bitcoin ETF issuers were not left out of the outflows. Invesco Galaxy Bitcoin ETF also lost 74 BTC, leaving it with 6804 BTC. The outflows from both issuers rounded up to 609 BTC, an equivalent of $35 million.

BlackRock’s IBIT, Fidelity’s FBTC, ARK 21Shares’ ARKB and the other four spot Bitcoin ETFs in the United States recorded zero outflows. Amongst all of them, BlackRock currently has the largest Bitcoin holding with 307,206 Bitcoin.

Similarly, the Bitcoin ETF saw a lesser outflow on Wednesday. The outflows recorded was over $20 million with Grayscale’s GBTC also leading the exodus. While Grayscale’s GBTC sat as the primary contributor to this outflow, with $26.99 million exiting the fund, Fidelity’s FBTC saw a net inflow of $6.55 million, partially counterbalancing the outflow.

Meanwhile, BlackRock’s IBIT registered no flows for the day. The trading volume for these Bitcoin funds summed up to $800 million on this same day. It marked a significant fall from Tuesday’s $995 million.

This sentiments including slowed down activity and net outflow could be an indication of a shift in investor sentiment or even market dynamics. Such fluctuations are not unfounded on the volatility cryptocurrency market.

Bitcoin Showing Bear Signs

Meanwhile, the underlying crypto of the ETFs is currently bleeding and struggling to stay at a support level. The value of the coin has recently experienced a sharp downturn to $57,000.

The downtrend has surprised many investors and ignited debates within the cryptocurrency community. The selloff appears to be driven by various factors including selloffs by speculative investors amidst Bitcoin ETFs and the recent halving event. Additionally, the liquidation of overleveraged positions, and unexpected sell-offs such as the German government’s liquidation of seized Bitcoin alongside that of the U.S. Government has contributed to the downtrend

Economist and crypto-critic Peter Schiff believes that the drop in Bitcoin price could persist. He even sees the coin heading below $52,000.

Read More: Ethereum Whale Faces Liquidation, ETH Price Nosedive

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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