October 9th, 2024
Thursday’s inflows represent a sharp turnaround from the previous day’s negative trends across Bitcoin ETFs. Investors appear to be capitalizing on Bitcoin’s price stability around $58,000.
Ark Invest and 21Shares’ ARKB led the outflows after $54.03 million left the product yesterday.
Recent data from IntoTheBlock reveals that large Bitcoin investors have been actively increasing their holdings.
The US spot Bitcoin ETFs registered a net cash inflow of about $28 million, thus ending eight consecutive days of notable bleeding.
Despite the recent outflows, Bitcoin ETFs continue to dominate the ETF market.
Fear of further Bitcoin price capitulation in the short term significantly increased amid continued sell-offs from whale investors.
This massive exodus of capital suggests that investors are gradually withdrawing from the ecosystem. It also coincides with Bitcoin’s struggles to find a support level.
Bitcoin price is not yet out of the woods as investors speculate on midterm economic uncertainties in the United States.
Last week’s overall outflows were largely driven by two funds. Those are Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC).
The US spot Bitcoin ETF issuers have registered four consecutive days of notable cash outflow leading to a bearish outlook for the entire altcoin industry.