Outflows from gray bitcoin fund ETFs indicate continued investor uncertainty amid speculation of a Federal Reserve rate cut.
Key takeaways.
Outflows from gray #bitcoin fund ETFs indicate continued investor uncertainty amid speculation of a Federal Reserve rate cut.
Despite this, GBTC recorded inflows in May, breaking the record of 78 consecutive days of outflows since operations began in January.
Major banks, including JP Morgan and Wells Fargo, disclosed significant holdings in various bitcoin ETFs, underscoring institutional investors' continued interest in cryptocurrency investments.
Amid funds once again withdrawing from the Gray Bitcoin #ETF (GBTC), investor uncertainty over a possible interest rate cut by the U. S. Federal Reserve (Fed) persists, indicating a cautious sentiment in the market.
According to SoSoValue, total net outflows from spot bitcoin ETFs totaled $84.651 million on May 10. This is the second consecutive day of outflows from bitcoin funds: on Friday, the #Grayscale bitcoin fund reported an additional $103 million in outflows. In contrast, BlackRock's iShares Bitcoin Trust (IBIT) saw inflows of $12.43 million and Fidelity's FBTC fund saw inflows of $5.309 million.
Despite this, Grayscale Bitcoin Trust recorded inflows totaling $66.9 million in May, breaking a streak of 78 consecutive days of outflows since its launch in January. Most notably, the iShares Bitcoin Trust has attracted nearly US$16 billion in investments to date.
On May 10, #BTC fell to US$60,200 amid investor weakness, leading to significant outflows from all U. S. spot bitcoin ETFs, including BlackRock's IBIT, which experienced its first outflow since January.
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