As a researcher with a background in finance and experience in the cryptocurrency market, I find the recent trend of outflows from spot Bitcoin ETFs quite concerning. The continuous negative inflows over the last four trading sessions, totaling $152 million, is a significant shift from the previous trend of inflows we had seen since the launch of these products in January 2024.
As a crypto investor, I’ve noticed a significant downturn in the spot Bitcoin ETF market recently. For the first time since its launch in January 2024, not a single spot Bitcoin ETF recorded any inflows on Tuesday, June 18. Instead, there were outflows totaling $152 million. Consequently, the Bitcoin price has been under pressure and is currently hovering around $65,435.
Spot Bitcoin ETFs Losing Steam?
As a researcher studying the Bitcoin Exchange-Traded Fund (ETF) market, I observed that on Tuesday, June 18, these funds reported a collective outflow of $152 million. Notably, no inflows were recorded by any of these ETFs on this day, suggesting a significant decrease in investor appetite for Bitcoin investments.
As a researcher studying the trends in Bitcoin Exchange-Traded Funds (ETFs), I’ve observed significant outflows over the past few days. Specifically, Fidelity’s Bitcoin Trust (FBTC) experienced the largest withdrawals with a total of $83 million, while Grayscale’s Bitcoin Trust (GBTC) recorded outflows amounting to $62.3 million on Tuesday. This marks the fourth consecutive day of negative inflows for these Bitcoin ETFs, indicating a clear trend of investors choosing to withdraw their funds rather than invest new ones.
I’ve analyzed the recent trends and found that the total assets under management for bitcoin spot ETFs have now decreased to $14.7 billion due to ongoing outflows. Among the key players, BlackRock and Fidelity hold significant stakes in this market, managing a substantial portion of the overall market share.
The collective Bitcoin holdings of BlackRock and Fidelity amount to approximately 477,121 Bitcoins, equivalent to around $31.4 billion, in their respective Bitcoin spot ETFs. This is over 262,000 Bitcoins more than MicroStrategy currently holds.
A Look Into The Investor Cohort
Approximately 80% of Bitcoin ETF investments are currently being made by individual investors who have taken the initiative to allocate funds for this asset class, often using online brokerages to execute their purchases.
In addition, she pointed out that hedge funds and brokerages have expressed intent to purchase based on the latest 13-F filings from the previous quarter. Contrastingly, investment advisors have adopted a more cautious stance in their dealings.
Top investment experts are carefully considering various aspects before making decisions regarding Bitcoin. Factors such as its volatile price history and the fact that it’s still in its early stages with limited performance track record are among their concerns. Additionally, regulatory compliance issues and Bitcoin’s association with fraudulent activities are also important considerations for these advisors.
In recent times, the diminished demand and substantial sell-offs have added downward pressure on Bitcoin’s price, which currently hovers around $65,000. Concurrently, Australia’s newly launched Bitcoin exchange-traded funds (ETFs) have experienced modest inflows.
Australia’s #Bitcoin ETF has purchased 50 BTC since launch.
— Thomas | heyapollo.com (@thomas_fahrer) June 18, 2024
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2024-06-19 09:27