Bitcoin’s leading exchange-traded fund (ETF), managed by BlackRock, experienced its largest outflows in months, ending a long period of inflows. Data revealed that the BlackRock Bitcoin ETF (IBIT) saw an outflow of $72.7 million on December 20th, which is the highest on record for IBIT. This news comes as a shock to many investors who were anticipating continued growth in the Bitcoin market.
Interestingly, Fidelity’s Wise Origin Bitcoin Fund (FBTC) also suffered significant outflows, posting an all-time high outflow of $208.5 million on December 19th, followed by another outflow of approximately $71.9 million the next day. These events triggered massive outflows across the entire US spot Bitcoin ETF market, with over $671.9 million leaving the market on December 19th and another $277 million leaving the following day.
Despite these alarming figures, some experts believe that this should not come as a surprise to investors as international asset management firms like BlackRock and Fidelity have been responsible for most of the large inflows into the Bitcoin market. However, others argue that these recent developments may signal a shift in institutional investors’ appetites for Bitcoin exposure.
Moreover, Bitcoin’s market volume dropped significantly to $59.50 billion, marking a 52% decline from its total volume. This decline contradicts the bullish run experienced by Bitcoin after Donald Trump won the US election last month. As of press time, Bitcoin is trading at $95,359 per coin, down by 1.3% in the last 24 hours, with a total market capitalization of $1.9 trillion.
Source
As per reported by www.bitcoininsider.org
