Over the last two days, only BlackRock’s Bitcoin ETF based in the US, which deals directly with bitcoin, has attracted investments. No other Bitcoin ETFs in the US have reported any inflows or even saw decreases.
On April 15, the iShares Bitcoin Trust (IBIT) reported net investments of $73.4 million, a decrease from the $111.1 million recorded the day before. The other seven ETFs, excluding Grayscale’s, did not see any inflows or outflows during the previous two days based on Farside Investors’ data.
Despite IBIT experiencing inflows of $110.1 million on April 15, this was surpassed by the outflows of $166.2 million from the Grayscale Bitcoin Trust (GBTC) recorded on April 14. In simpler terms, while IBIT gained $110.1 million in investments that day, GBTC had greater losses with $166.2 million in outflows.
During the span of April 14th and 15th, a total of $91.8 million was withdrawn from all the Bitcoin ETFs tracking the top 10 spots.
Over the past few days, investors have withdrawn significant amounts from US Bitcoin Exchange-Traded Funds (ETFs). This comes after a turbulent weekend for Bitcoin itself, which has seen its value drop by over 11% since last week, leaving it at $63,410 according to CryptoMoon Markets Pro.
During the week ending April 12, there were withdrawals of $110 million from Bitcoin investment products around the world. According to James Butterfill, the research head at CoinShares, this trend underscores a sense of uncertainty among investors.
Last week, a total of $126 million was withdrawn from all cryptocurrency investment funds reported by Butterfill. The trading volume in this sector increased from $17 billion to $21 billion compared to the previous week.
Iran’s April 13 attack on Israel sent Bitcoin into freefall, hitting a three-week low of $61,918.
In simple terms, the reduction by half of the new Bitcoins issued monthly, which is scheduled for April 20, is leading to price fluctuations among cryptocurrency traders as they anticipate the impact on Bitcoin’s market behavior.
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2024-04-16 07:33