
Bitcoin ETFs Witness Record Daily Outflow of $1B amid Market Downturn
According to an industry expert Peter Chung, these outflows may have been caused by the unwinding of basis trades by institutional investors.
According to an industry expert Peter Chung, these outflows may have been caused by the unwinding of basis trades by institutional investors.
Bitwise’s BITB registered a net cash inflow of over $9 million on Wednesday, signaling rising confidence for Bitcoin among institutional investors.
NYSE has retracted its application to list and trade options on the Bitwise Bitcoin ETF (BITB) and the Grayscale Bitcoin Trust (GBTC).
The influx of capital into spot Bitcoin ETFs seemingly coincided with a positive price movement for the underlying asset. Bitcoin rose 2.70% in the past 24 hours.
Bitcoin (BTC) price must defend the support level of around $60K in the coming weeks to avoid further crypto capitulation.
None of the US-based spot Bitcoin ETFs registered negative cash flow on Monday as BTC price attempts to regain bullish momentum.
Although the intakes are currently happening at a much slower rate than before, these ETFs have still impressed so far.
With the Federal Reserve keeping interest rates unchanged to 5.25%, the massive outflows recorded by the US spot Bitcoin ETFs bring the total assets under management (AUM) to under $15 billion.
Even with positive inflation data, the Federal Open Market Committee (FOMC) decided to keep the federal funds rate target range at 5.25% to 5.50% during their June meeting.
ARKB’s negative flow contrasts with the overall flow of the US spot ETFs, which logged their 13th consecutive day of combined net inflows on the same day.
The new Vanguard CEO said that it is important for the firm to stay consistent with their stand on Bitcoin products. He said that they no plans of coming up with an ETF in the near future.
With spot Bitcoin ETF purchases slowing down considerably, and even dipping into negative territory on some days, macroeconomic catalysts have gained increased significance recently.
April 24 marked the first-day IBIT experienced zero inflows, concluding its remarkable streak of positive trend.
Grayscale’s BTC holding was down to 361.79K, from 624.28K Bitcoins it held by January 11, before ETF conversion.
Fidelity’s Wise Bitcoin Fund (FBTC) and BlackRock’s IBIT have posted $6 billion in cumulative inflows in the past three weeks.