What to know:
- Ah, the U.S. spot bitcoin ETFs, once the darlings of the market, have finally succumbed to the cruel hand of fate, recording their first day of outflows in a decade of trading sessions on Thursday, as the report so dramatically reveals.
- In a twist worthy of a Shakespearean tragedy, the bank lamented that these ETFs witnessed a staggering $358 million in redemptions yesterday. How the mighty have fallen! 😱
- Yet, amidst this financial tempest, BlackRock’s iShares Bitcoin Trust (IBIT) stood defiantly, attracting a net inflow of $125 million, proving that not all heroes wear capes—some simply manage funds! 🦸♂️
In a most unfortunate turn of events, U.S.-listed spot bitcoin exchange-traded funds (ETFs) have recorded their first day of net outflows in ten trading sessions, as chronicled by the ever-watchful eyes of JPMorgan (JPM).
The Wall Street oracle estimated that these ETFs saw a dramatic $358 million in redemptions yesterday, with only one shining beacon of hope—BlackRock’s iShares Bitcoin Trust (IBIT)—gathering a net $125 million, as the bank astutely observed.
In stark contrast, Fidelity’s FBTC led the charge into the abyss with net outflows of $166 million, a veritable leader in the race to the bottom, as the report so wittily noted. Other notable contributors to this financial farce included the Grayscale Bitcoin Trust (GBTC) at -$107 million, ARK 21Shares Bitcoin ETF (ARKB) at -$89 million, and the Bitwise Bitcoin ETF (BITB) at -$71 million. Truly, a cast of characters worthy of a comedy of errors!
JPMorgan, ever the diligent scribe, noted that smaller outflows were also observed across the remaining issuers, as if the entire market were caught in a collective sigh of despair.
As for the price of bitcoin, it slipped a modest 1.1% on the day, yet market activity remained robust, with trading volumes soaring to $5.39 billion—well above the 20-day average of $2.81 billion, as the report added with a flourish.
At the time of this publication, the world’s largest cryptocurrency was trading around $105,656, a figure that would make even the most stoic investor raise an eyebrow in disbelief.
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2025-05-30 19:10