News

Bitcoin ETF Outflow Continues For 5th Consecutive Day At Negative $165 Million

Key Points:

  • Bitcoin ETF outflows totaled $165 million yesterday, while BlackRock’s IBIT fund received a $18 million net inflow.
  • Despite a drop in Bitcoin’s price to $62,000, BlackRock’s IBIT fund remains strong, with total inflows surpassing $15.3 billion.
  • Analysts note normalcy in zero inflow days for ETFs amidst Bitcoin’s market turbulence.
In the cryptocurrency market, recent data from HODL15Capital highlights significant movements in Bitcoin exchange-traded funds (ETFs).
Bitcoin ETF Outflow Continues For 5th Consecutive Day At Negative $165 Million 2

Read more: Best Bitcoin ETFs To Buy In 2024

Bitcoin ETF Outflows: $165 Million Withdrawn Yesterday

Yesterday, the Grayscale spot Bitcoin ETF outflow was $133 million, while ARKB, issued by ARK Invest, experienced a $42.7 million outflow. Additionally, the Bitcoin ETF outflow faced a negative $165 million.

However, amidst these outflows, BlackRock’s IBIT fund remains a stronghold, albeit with diminishing inflows. The spot Bitcoin ETF under BlackRock received a $18 million net inflow on the same day.

These dynamics reflect broader trends in Bitcoin investment products. While outflows from the Grayscale Bitcoin Trust (GBTC) have slowed recently, overall inflows into spot Bitcoin ETFs have also decreased. Tuesday saw BlackRock’s IBIT ETF leading with a net inflow of approximately $25.78 million, pushing total inflows past $15.3 billion.

Bitcoin Price Drop Influences Investor Sentiment

These Bitcoin ETF outflows occur amid a turbulent period for Bitcoin itself. The leading cryptocurrency, currently priced at $62,000 with a market capitalization of $1.22 trillion, faced a 12.2% drop over the past week, dampening investor interest and influencing outflows across various Bitcoin investment vehicles.

Bloomberg ETF analyst James Seyffart notes that zero inflow days are common for Bitcoin ETFs and should not be perceived as product failures. Similarly, most US ETFs experience days with zero inflows across various sectors, highlighting the normalcy of such occurrences.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

1 hour ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

2 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

2 hours ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

3 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

3 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

3 hours ago

This website uses cookies.