US Economic Data Affects Bitcoin Spot ETFs Negatively, Causing Outflows to Continue
The impact of US economic data on Bitcoin spot exchange-traded funds (ETFs) has been evident as investors show uncertainty and steer away from riskier assets.
According to SoSoValue data, Bitcoin ETFs experienced significant net outflows on Monday, following a trend from the previous week. A total of $145.83 million in outflows were recorded, with 11 bitcoin ETFs affected.
Leading the outflows was Fidelity’s FBTC, which saw a $92 million outflow on Monday. This was unusual for FBTC, which typically sees net inflows, but last week it experienced outflows of around $140 million. Other funds, such as ARKB from Ark Invest and 21Shares, also reported net outflows of $50 million.
Grayscale’s GBTC and VanEck’s HODL saw negative flows of approximately $4 million each, while Bitwise’s BITB was the only fund with a minimal net inflow of $3 million. The largest spot bitcoin ETF, BlackRock’s IBIT, recorded zero flows on Monday.
The recent outflows have brought the cumulative total net inflows of Bitcoin spot ETFs down to $14.96 billion, according to SoSoValue data. The streak of net inflows for US spot Bitcoin ETFs was broken last week due to conflicting US nonfarm payrolls and unemployment data, leading to investor uncertainty.
Despite expectations for multiple interest rate cuts this year, the Federal Reserve announced that there will only be one interest rate cut in 2024. This news, coupled with the release of US economic data, caused the price of Bitcoin to fall from $72,000 to $64,569.
Please note that this information is not investment advice. To explore more than 300 cryptocurrencies, you can register with Binance exchange with a 20% commission discount. Follow our Telegram and Twitter accounts for exclusive news, analytics, and on-chain data.
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