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US Spot Bitcoin Exchange Traded Funds (ETFs) See Continued Outflows
Outflows from US spot Bitcoin exchange-traded funds (ETFs) continue for the seventh consecutive day, with a net outflow of $174.45 million on Monday. This comes as Bitcoin’s price reaches a six-week low.
Author:
Utku Yanık
25.06.2024 – 12:02
Update:
5 seconds ago
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US spot Bitcoin exchange-traded funds (ETFs) saw a significant net outflow of $174.45 million on Monday, marking the seventh consecutive day of negative flows. This trend emerged as Bitcoin’s price hit its lowest point in nearly six weeks.
US Spot Bitcoin ETFs Record $174 Million Net Outflow Amid Price Struggles
According to SoSoValue data, Grayscale’s GBTC led outflows with $90 million, followed by Fidelity’s FBTC, which saw $35 million in outflows. Franklin Templeton’s EZBC reported a net outflow of $20.8 million, its first since May 2.
Other funds that experienced exits included VanEck’s HODL ($10 million), Bitwise’s BITB ($8 million), and Ark Invest and 21Shares’ ARKB fund ($7 million). Invesco and Galaxy Digital’s BTCO also reported $2 million exits.
BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, recorded no flows on Monday, along with funds Valkyrie, WisdomTree and Hashdex. Notably, neither fund reported net inflows.
Related News
Leading Analyst Shares Prediction on How Mt. Gox Dump Will Affect Bitcoin Price
The outflows and price decline come as a result of defunct cryptocurrency exchange Mt. Gox, which declared bankruptcy in 2014 after suffering multiple attacks and made an important announcement.
Mt. Gox announced that it plans to repay $9 billion worth of Bitcoin and Bitcoin Cash to creditors starting in July.
Analysts say Mt. Gox described its announcement as a “classic ‘sell the news’ scenario”, raising concerns among investors about a flood of offerings likely to be liquidated after they are purchased.
This potential increase in Bitcoin supply has contributed to current market volatility and investor caution.
*This is not investment advice.
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