đšFidelity's Bitcoin ETF Faces Major Outflows: What's Next?đ„
đ„ US spot Bitcoin ETFs witnessed net outflows totaling $226 million in a single day! đ„ Leading this wave was Fidelityâs FBTC, which experienced its second-largest outflow since inception, with $106 million withdrawn.
đ» But Fidelity wasn't alone. đ» Grayscaleâs GBTC and Ark Investâs ARKB saw outflows of $62 million and $53 million respectively. Bitwise and VanEckâs funds weren't spared either, each facing around $10 million in outflows, while Invesco and Galaxy Digitalâs BTCO reported $3 million in net outflows. Amidst this, BlackRockâs 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.
đ Despite the recent withdrawals, đ 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.
đ Meanwhile, Bitcoin's price reflected the turbulence, đ dipping by 1.48% in the last 24 hours to settle at $66,704.
đ° In parallel news, đ° 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.
đ However, thereâs a twist! đ 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.
đ Stay tuned for more updates on this evolving story. đ And let us know in the comments â what are your thoughts on these massive outflows? Will Ethereum ETFs steal the spotlight?