After Bitcoin fell below $93,000, the U.S. Bitcoin ETF experienced massive outflows on Monday.
The net outflow from 11 spot Bitcoin ETFs totaled $435 million, with only BlackRock's iShares Bitcoin Trust (IBIT) and Grayscale's Bitcoin Mini Trust (BTC) seeing inflows.
According to Farside Investors, IBIT saw net inflows of about $268 million, while BTC had net inflows of $400,000. Meanwhile, Bitwise's Bitcoin ETF (BITB) and Grayscale's Bitcoin Trust (GBTC) faced significant withdrawals from investors, with BITB experiencing outflows of $280 million, marking the largest outflow ever, and GBTC saw its largest daily redemption in three months, amounting to $158 million.
Fidelity's Wise Origin Bitcoin Fund (FBTC) and ARK Invest's Bitcoin ETF (ARKB) experienced outflows of $135 million and $111 million, respectively, while Investco and Valkyrie's funds collectively lost $19 million.
This sharp outflow of funds is in stark contrast to last week's performance, where U.S. Bitcoin ETFs attracted $3.3 billion, with BlackRock's iShares Bitcoin Trust (IBIT) accounting for over 60% of total inflows.
The setback came alongside a broader bearish trend in the cryptocurrency market. According to CoinGecko, Bitcoin's recent push towards the $100,000 target was hindered after falling below $93,000, with its current trading price around $94,300, having dropped 3.5% in the past 24 hours.
According to Crypto Briefing, the decline in Bitcoin is due to increased selling pressure from long-term holders, who have sold over 461,000 BTC since this asset recently peaked above $99,000. Despite the bearish trend, some speculate that if prices stabilize and re-ignite investor demand, a rebound may occur.
On Monday, MicroStrategy announced that it had acquired another 55,500 BTC, worth $5.4 billion, marking the company's largest Bitcoin acquisition to date. Currently, market participants are focusing on macroeconomic factors, including inflation data and Federal Reserve statements, as these may influence recent price trends.
