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Read more: Best Bitcoin ETFs To Buy In 2024
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.
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.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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