Bitcoin ETFs (BTC) Witness Significant Decline After Record Surge Due to FED Influence

  • Spot Bitcoin exchange-traded funds (ETFs) in the United States witnessed a net outflow of $34.4 million on Thursday.
  • This slowdown in outflows comes after a record-breaking day of outflows the previous day.
  • Grayscale’s GBTC was the only ETF to record a net fund outflow of $55 million on Thursday.

Spot Bitcoin ETFs in the US experienced a net outflow of $34.4 million on Thursday, marking a slowdown in comparison to the previous day’s record outflows. Grayscale’s GBTC was the only ETF to record a net fund outflow of $55 million on the same day.

Daily Outflows in Spot Bitcoin ETFs Decrease

According to SoSoValue data, Grayscale’s GBTC, which has been consistently experiencing outflows, was the only ETF to record a net fund outflow on Thursday, totaling $55 million. In contrast, Ark Invest’s ARKB led the daily net inflows with an entry of $13 million. Spot Bitcoin ETFs from Franklin Templeton, Valkyrie, Invesco, and Galaxy Digital reported smaller amounts of net entries, totaling $6 million.

BlackRock and Fidelity’s Bitcoin Funds Record Zero Flow

BlackRock and Fidelity’s Bitcoin funds, which rank second and third in terms of total net assets, both recorded zero flow on Thursday. Bloomberg’s ETF analyst James Seyffart had previously explained that a day with zero flow is within the normal operations of ETFs.

Record-Breaking Outflows in Bitcoin ETFs

A record was set for Bitcoin ETF outflows on Wednesday, with the largest outflow to date of $563.7 million being recorded. Fidelity’s FBTC, which started fund outflows just last week, witnessed an outflow of $191 million from the fund, surpassing GBTC’s outflow. Wednesday also marked the first day of daily net fund outflows for BlackRock’s IBIT.

Conclusion

Despite these fluctuations, industry experts emphasize that such movements are not unusual in the world of ETFs. James Seyffart acknowledged the significance of the outflow figure, stating, “These ETFs are generally running smoothly. Entries and exits are part of the norms in the life of an ETF.” It is important to note that this is not investment advice.

BREAKING NEWS

$ENSO soon on Bybit spot

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