In terms of net asset value, BlackRock’s IBIT, was the only one that saw net inflows.
At the time of writing, Bitcoin is trading at $63,849, down 3.21% in the last 24 hours.
On Thursday, $139.88 million left U.S.-based spot bitcoin exchange-traded funds, marking the fifth day in a row of net withdrawals. Yesterday, according to statistics from SoSoValue, the top two funds in terms of daily net outflow were GBTC (Grayscale) and FBTC (Fidelity). With GBTC posting $53 million and FBTC $51 million, respectively.
While VanEck’s ETF saw net outflows of $4 million, Bitwise’s BITB recorded $32 million. Net withdrawals of $2 million were recorded by the Invesco and Galaxy Digital fund.
In terms of net asset value, the biggest spot bitcoin ETF, BlackRock’s IBIT, was the only one that saw net inflows. On Thursday, IBIT’s daily transaction volume was $565 million, and the net inflows were $1 million. Hashdex, WisdomTree, Valkyrie, Franklin Templeton, and Ark Invest all had funds with no transactions.
After reaching $1.7 billion on Tuesday, the overall trading volume for the ETFs dropped to $1.16 billion on Thursday. As of Thursday, the eleven spot bitcoin funds had received a combined net inflow of $14.67 billion since they were launched in January. On Wednesday, due to a public holiday, the market was closed.
Bitcoin Price Plunges
In the wake of big market events, the cryptocurrency community has been trying to make sense of Bitcoin’s (BTC) dramatic price swings. The market has been under a lot of strain due to the German government’s aggressive sale of large quantities of Bitcoin.
On June 20, Bitcoin had a short surge in value, rising above $65,800. In addition, there was a lot of resistance around $66,000. And it reached a high of $66,387 before beginning to fall again. At the time of writing, Bitcoin is trading at $63,849, down 3.21% in the last 24 hours as per data from CMC.
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