US Bitcoin ETFs have experienced a significant outflow of $146 million amidst a steep decline in Bitcoin's price. Major funds, including those managed by Fidelity and ARK, reported substantial withdrawals, reflecting investor caution in the face of market volatility.
Recent Trends in Bitcoin ETF Outflows
Data from Farside Investors reveals a considerable net outflow of $146 million from the US Bitcoin spot ETF market, indicating a shift in investor sentiment. This trend marks the third consecutive day of negative net inflows.
Nine out of the ten US Bitcoin ETFs, including BlackRock’s IBIT and Grayscale’s GBTC, saw zero or negative single-day flows. The cumulative total net inflow after 109 trading days has now dropped below $15 billion, suggesting a correlation between the outflows and the recent downturn in Bitcoin’s price.
Detailed Breakdown of ETF Outflows
The detailed breakdown of the net outflows from US Bitcoin spot ETFs is as follows:
Fidelity Wise Origin Bitcoin Fund (FBTC): $92 million
ARK 21Shares Bitcoin ETF (ARKB): $50 million
VanEck Bitcoin Trust (HODL): $3.8 million
Grayscale Bitcoin Trust (GBTC): $3 million
Invesco Galaxy Bitcoin ETF (BTCO): $2.9 million
Excluding data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the total net outflow for the US Bitcoin spot ETF market stood at $145.9 million. This development highlights varying investor sentiments towards different Bitcoin ETFs, particularly during a period of declining prices. Some ETFs, such as IBIT, BTCO, EZBC, BRRR, BTCW, and DEFI, reported zero net inflows, indicating a neutral stance among investors.
Bitcoin Price Trends and Market Implications
As of today, Bitcoin (BTC) is priced at $65,567.92, with a 24-hour trading volume of $36.6 billion. This marks a 0.67% price decline over the last 24 hours and a 3.50% decline over the past seven days.
Bitcoin’s market cap is valued at $1.2 trillion, with a circulating supply of 20 million BTC. The cryptocurrency is currently below its 50-day EMA but remains above the 200-day EMA, indicating a bearish near-term trend but a bullish longer-term outlook.
A breakout above the 50-day EMA could give bulls a chance to reach the $69,000 resistance level, and surpassing this level might signal a move towards the all-time high of $73,808. Investors should closely monitor US retail sales figures, FOMC member comments, and trends in US Bitcoin spot ETF market flows, as these factors could significantly influence market dynamics.
Navigating Market Risks
Bitcoin bulls are at a critical juncture that could lead either to a rebound to $70,000 or an extended pullback to $60,000. Losing support around $65,000 would leave Bitcoin vulnerable to a strengthening bearish trend, emphasizing the importance of current price levels in determining the cryptocurrency’s future trajectory.
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