As a seasoned researcher with a strong background in financial markets and digital currencies, I’ve been closely monitoring the recent developments in the Bitcoin ETF market and the crypto industry as a whole. Tuesday’s news of net negative outflows for US Bitcoin ETFs after 12 consecutive days of inflows caught my attention.
On Tuesday, July 12th, there were net withdrawals from Bitcoin ETFs in the US, marking a reversal after 12 consecutive days of inflows. Notably, this shift occurred on the same day that the US saw the debut of spot Ethereum ETFs.
Bitcoin ETFs See Net Outflows
After 12 consecutive days of adding new funds, US Bitcoin ETFs experienced a collective withdrawal of $78 million on Tuesday, marking an end to the influx of money. With the exception of BlackRock’s IBIT, all other ETFs recorded either no new investments or outflows. IBIT, however, attracted $71.9 million in fresh funds on Tuesday, which represents a significant decrease from the previous day’s intake of $526 million.
On Tuesday, Fidelity’s FBTC had the largest withdrawals amounting to over $70 million, according to Farside Investors’ data. Meanwhile, Ark Invest’s ARKB reported net outflows of approximately $50 million, and Grayscale’s GBTC experienced net outflows of around $27 million. The remaining ETFs recorded no new investments on that day.
Recently, Bitcoin Exchange-Traded Funds (ETFs) have gained significant attention due to their successful exploitation of the Bitcoin price downturn in early July. Despite the market turbulence caused by the Mt. Gox distribution and German government sell-off, these ETFs have demonstrated impressive returns.
Market analysts are of the opinion that some funds were shifted from Bitcoin ETFs to Ethereum ETFs during yesterday’s market activity, resulting in a $107 million investment in the new Ethereum ETF.
Kamala Harris to Attend Bitcoin Conference
Based on current news, it appears that US Vice President Kamala Harris is considering attending the upcoming Bitcoin Conference. According to David Bailey, the event organizer, discussions are underway for Harris to deliver a speech at the conference. He believes it would be strategic for her to address this influential demographic, as they are making their political decisions now.
Formally known as the 45th President of the United States, Donald Trump is currently participating in this event, advocating vigorously for Bitcoin and the broader crypto sector. Trump has publicly endorsed Bitcoin mining and pledged to generate the remaining Bitcoins within US borders.
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2024-07-24 09:51