BlackRock’s Bitcoin exchange-traded fund (ETF) experienced its largest outflows in months, ending an inflow streak. The leading asset manager’s Bitcoin ETF, iShares Blockchain UCITS ETF, saw outflows of $72.7 million on December 20th, according to Farside Investors. This comes after the ETF recorded zero flows the previous day, raising concerns among investors.
BlackRock’s iShares Blockchain UCITS ETF isn’t alone; Fidelity’s Wise Origin Bitcoin Fund (FBTC) also saw an all-time high outflow of $208.5 million on December 19th. The next day, FBTC saw another outflow of around $71.9 million, marking a two-day outflow streak. These ETFs are among the top performers in the United States.
The massive outflows from these two prominent ETF issuers resulted in a record-high two consecutive days of outflows in the US spot Bitcoin ETF market, losing $671.9 million on December 19th and another $277 million the next day. However, some experts believe that these outflows shouldn’t come as a surprise due to the significant inflows these companies have historically received.
Despite these outflows, Bitcoin continues to experience volatility, with its market volume dropping to $59.50 billion – a 52% decline from its total volume during the crypto bull run last month when Bitcoin reached an all-time high of $108,000 per coin. Some trading analysts argue that this dip in volume may indicate a potential shift in institutional investors’ appetites for Bitcoin exposure.
Overall, while BlackRock’s iShares Blockchain UCITS ETF and Fidelity’s Wise Origin Bitcoin Fund experienced significant outflows recently, Bitcoin continues to experience volatility, raising questions about future investment trends in the cryptocurrency market.
Source
As per reported by www.bitcoininsider.org
