🕵 The U.S. Bitcoin ETF market experienced consecutive outflows for two days last week, putting market sentiment to the test!
According to data from Farside Investors, the Bitcoin spot ETF market lost $671.9 million on December 19, and the following day, the ETF market lost another $277 million.
Among them, asset management giant BlackRock's Bitcoin ETF (IBIT) saw an outflow of $72.7 million on December 20, marking the largest single-day outflow since its launch in January this year, seemingly ending the inflow momentum of its Bitcoin exchange-traded fund.
On December 19, another issuer, Fidelity's FBTC, also recorded a historic outflow of $208.5 million. Then on December 20, FBTC experienced an outflow of about $71.9 million, resulting in two consecutive days of outflows for the ETF.
This series of outflow events has raised concerns in the market about the prospects of the U.S. spot Bitcoin ETF. However, market observers believe that the outflow of funds may not continue, as Bitcoin has shown signs of rebound and is rising again after the earlier sharp decline.
Despite IBIT and FBTC being among the best-performing exchange-traded funds in the U.S., ranking within the top 25 in asset size just one month after their launch, the consecutive outflow phenomenon may indicate a shift in market sentiment.
Analysts noted that Bitcoin's market trading volume has dropped to $59.5 billion, a 52% decrease compared to last month, which starkly contrasts with the bullish trend in the cryptocurrency market following Trump's election victory.
Last Tuesday, Bitcoin reached a historic high of $108,000 per coin. Currently, Bitcoin is trading at $95,871 per coin, down 4.1% in the past 24 hours, with a total market capitalization of $1.89 trillion.
Analysts believe that the predicament faced by BlackRock and Fidelity should not come as a surprise to traders, as these two international asset management companies account for a significant share of inflows. Consequently, some investors are concerned that recent developments in ETFs may become a turning point, leading to a significant decline in institutional investors' interest in Bitcoin.
In summary, this week, the fund flows of Bitcoin spot ETFs and their potential impact on the spot market remain a focal point of close attention for investors and market analysts.
