🚨 $900,000,000 IN BITCOIN ETF OUTFLOWS — WHAT’S HAPPENING? 🚨
🔍 Bitcoin ETFs in the U.S. have seen a rough week, marking their fifth consecutive day of net outflows on Thursday. This week's outflows total over $900 million, making it the worst performance since mid-April.
💼 Key Players in the Outflows:
Grayscale’s GBTC and Fidelity’s FBTC led the pack with significant outflows. Specifically, GBTC saw $53 million in outflows, while FBTC followed closely with $51 million.
🏦 Not All ETFs Suffered:
BlackRock’s IBIT was the only ETF to buck the trend, recording a net inflow of $1 million. All other ETFs saw zero net inflow or outflow activity.
📊 Impact on the Market:
SoSoValue data highlights that the 11 listed ETFs lost $140 million on Thursday alone, amid $1.1 billion in trading volumes. This outflow activity mirrors a similar trend observed from April 24 to May 2, which saw $1.2 billion in total net outflows.
📈 A Brief Recovery, Followed by Decline:
After the April outflow, inflows picked up, adding over $4 billion in the next 19 days of trading. However, the ongoing outflow deluge that began on June 10 has erased much of that gain.
📉 Reasons Behind the Outflows:
Large Holder Sales: BTC prices have been under pressure due to significant sales from large holders.
Dollar Strength: A strong U.S. dollar has also contributed to the declining BTC prices.
Tech Market Performance: A robust U.S. technology index market is drawing investment away from cryptocurrencies.
📌 Looking Ahead:
As the outflow trend continues, it raises questions about the short-term stability of Bitcoin ETFs. Investors will be watching closely to see if the inflows can recover and what strategies funds might employ to regain investor confidence.
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