Bitcoin ETFs see a fifth consecutive day of net outflow
Spot Bitcoin exchange-traded funds (ETFs) reported total net outflows of $51.6 million on Friday, marking the fifth day of consistent withdrawals
Among these, the Grayscale ETF (GBTC) experienced a substantial single-day net outflow of $169 million. In contrast, the BlackRock ETF (IBIT) and Fidelity ETF (FBTC) saw modest single-day net inflows of $18.89 million and $18.13 million, respectively, both reaching two-day record lows.
Despite this downward trend, there’s a silver lining as the rate of outflows appears to be decelerating. The most significant drop happened on Tuesday, with over $323 million exiting across all 10 ETFs. Correspondingly, Bitcoin’s value dipped to $62,000 on the same day.
However, as the outflow slows, Bitcoin has started to bounce back, showing a near 3% increase today, pushing its price up to $64,600.
Analysts have suggested that ETF demands could resurface as the largest cryptocurrency reaches certain support levels.
The upcoming halving could also see renewed interest from institutional investors in these ETFs.
