Bitcoin ETFs: A Comedy of Errors and $500 Million Gone Awry! 😂

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Ah, mesdames et messieurs! Attendons un instant! The US-based spot Bitcoin ETFs have found themselves in quite the predicament, not once but for the second straight week, experiencing outflows of substantial proportions—five-hundred million dollars, to be precise! A veritable tragedy reflecting the fickle heart of the investors in the United States! 🎭

Imagine, if you will, a year replete with glorious inflows, where the BTC price soared like a lovely bird in spring! However, like a fine soufflé, the price of Bitcoin has decided it prefers to consolidate its flavors, struggling to rise any higher these past few weeks. Oh, the irony! 😄

Oh là là! Bitcoin ETFs Suffer Fourth Consecutive Day of Outflows!

According to the latest whispers of the market, on Friday, February 21, an astounding sixty-two million, seven hundred seventy thousand dollars vanished from the coffers of the US Bitcoin ETFs! Can you believe it? Four days straight of withdrawals—indeed an eighth disappearance in the last nine days! It’s like a magic trick gone wrong!

The illustrious Grayscale Bitcoin Trust (renowned by the ticker GBTC) led the charge, with its own wallet crying out with over $60 million flowing out. Meanwhile, the Bitwise Bitcoin ETF (BITB) could only sigh as it lost $16.58 million in Friday’s theatrical act. 

Ah, but what of the Fidelity Bitcoin Fund (FBTC)? Only it too could join this farcical play with its own net outflows ($12.47 million) on the same fateful day! Yet, not all are lost—BlackRock’s IBIT (the grandest Bitcoin ETF!) and VanEck’s CBOE graced us with positive inflows of $21.64 million and $4.71 million, respectively. What a delightful twist!

In total, this singular day brought a woeful total of $62.77 million in withdrawals, marking a sorrowful weekly record of over $559 million. Notably, this tragedy was largely fueled by dramatic exit scenes on Thursday, February 20. Cue the tears!

According to the oracle of SoSoValue, nearly $365 million graced the winds and left the Bitcoin ETF market on that dreary Thursday. Withdrawals from BlackRock’s IBIT ($112 million) and Fidelity’s FBTC ($88 million) were the leading players in this somber opera.

This past week, dear audience, we witnessed our second consecutive week of substantial outflows from the US-based spot Bitcoin ETFs, which had previously suffered a similar fate of over $585 million between February 10th and 14th. C’est la vie!

Meanwhile, the Ethereum ETF market also felt the chill of outflows, witnessing a mere $8.92 million escape on that fateful Friday. Yet, in a miraculous turn, our US ETH exchange-traded funds cared to register a meager net inflow of $1.61 million in the past week. What splendid irony!

Bitcoin Price: A Comedy of Constancy!

Behold, the premier cryptocurrency, a true comic hero, flits about within the narrow range of $94,000 – $99,000. As of this grand narrative, the price of Bitcoin stands at $96,610, reflecting a scant 0.6% decline in the past day. An amusing spectacle indeed! 🎉

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2025-02-24 03:13