🚨Fidelity's Bitcoin ETF Faces Major Outflows: What's Next?🔥
💥 US spot Bitcoin ETFs witnessed net outflows totaling $226 million in a single day! 💥 Leading this wave was Fidelity’s FBTC, which experienced its second-largest outflow since inception, with $106 million withdrawn.
🔻 But Fidelity wasn't alone. 🔻 Grayscale’s GBTC and Ark Invest’s ARKB saw outflows of $62 million and $53 million respectively. Bitwise and VanEck’s funds weren't spared either, each facing around $10 million in outflows, while Invesco and Galaxy Digital’s BTCO reported $3 million in net outflows. Amidst this, BlackRock’s IBIT stood out by being the only fund to record a net inflow of $18 million, reinforcing its position as the largest spot Bitcoin fund by net asset value.
📈 Despite the recent withdrawals, 📈 it's important to note that these 11 US spot Bitcoin ETFs have amassed a staggering total net inflow of $15.30 billion since their debut in January.
📉 Meanwhile, Bitcoin's price reflected the turbulence, 📉 dipping by 1.48% in the last 24 hours to settle at $66,704.
📰 In parallel news, 📰 the Securities and Exchange Commission (SEC) is in the spotlight. SEC Chair Gary Gensler hinted at a possible summer decision on spot Ethereum ETFs. Following preliminary approval last month, issuers are eagerly waiting for the official launch. Analysts predict that these funds could attract up to 20% of the investments currently flowing into Bitcoin ETFs.
🔍 However, there’s a twist! 🔍 Some experts argue that institutional investors might shy away from spot Ethereum funds, as the removal of staking components due to regulatory concerns could make them less appealing.
🚀 Stay tuned for more updates on this evolving story. 🚀 And let us know in the comments – what are your thoughts on these massive outflows? Will Ethereum ETFs steal the spotlight?
