As a seasoned crypto investor with a keen eye on market trends, I find the recent record net outflows from U.S. spot Bitcoin ETFs alarming but not entirely unexpected. The fact that BlackRock’s iShares Bitcoin Trust (IBIT) experienced its first-ever outflow day is concerning, with $36.6 million leaving the fund on May 1 alone.
Record amounts of Bitcoin (BTC) exchange-traded funds (ETFs) backed by the United States have experienced substantial outflows. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) recorded its initial outflow day.
BlackRock’s Bitcoin fund saw $36.6 million flow out on May 1, according to HODL15 Capital.
As a crypto investor, I’ve noticed that among the ten Bitcoin ETFs, theHashdex Bitcoin ETF (DEFI) was the only one that didn’t experience any inflows or outflows based on the latest data from Farside Investors. Meanwhile, the other nine ETFs reported a total of $526.8 million in outflows.
On a given day, the Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the greatest withdrawal amounting to $191.1 million.
The Grayscale Bitcoin Trust (GBTC) was second with an outflow of $167.4 million.
As a researcher studying the Bitcoin ETF market in the United States, I’ve observed that the largest single day of outflows occurred recently, with approximately $111.5 million being withdrawn from spot Bitcoin ETFs collectively. The ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF accounted for $98.1 million and $13.4 million of these outflows, respectively.
It comes as Bitcoin has fallen 10.7% over the last week.
Nate Geraci, president of ETF Store, noted that these years have seen significant investor withdrawals from the iShares Gold ETF and SPDR Gold ETFs to the tune of $1 billion and $3 billion respectively.
Yet, gold is up 16% year-to-date, Geraci noted in a May 2 X post.
As a researcher studying the Bloomberg Terminal data, I’ve observed that Bitcoin Exchange-Traded Funds (ETFs) have been functioning efficiently without any significant disruptions. Normal fluctuations, such as inflows and outflows, are natural occurrences in the existence of an ETF.
Read More
- Top gainers and losers
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- CLV PREDICTION. CLV cryptocurrency
- LUNA PREDICTION. LUNA cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- BOO PREDICTION. BOO cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- ETH CAD PREDICTION. ETH cryptocurrency
2024-05-02 06:21