As a researcher with a background in financial markets and cryptocurrencies, I find the recent trend of U.S. Bitcoin ETF outflows quite intriguing. The consistent net outflows totaling $51.6 million on Monday, April 29, following a week of substantial withdrawals, highlights a notable shift in investor sentiment.
Over the past four days, U.S. Spot Bitcoin Exchange-Traded Funds (ETFs) have experienced consecutive net withdrawals amounting to $51.6 million on Monday, April 29, alone. This series of outflows comes after a week marked by significant withdrawals, indicating a noticeable change in investor attitude towards these funds.
U.S. Bitcoin ETF Outflow Continues
As a crypto investor, I’ve been keeping a close eye on the latest developments in the digital asset world. According to recent data from Farside UK, Grayscale’s Bitcoin Trust (GBTC) took a hit with investors withdrawing a substantial amount of $24.7 million from the fund. Similarly, ARK Invest’s ETFs also saw significant outflows, with approximately $31.3 million leaving their portfolios. Interestingly enough, Blackrock managed to maintain a steady position, with no ETF flows reported during the same period.
As a researcher studying the recent trends in Bitcoin Exchange-Traded Funds (ETFs), I’ve noticed some noteworthy fluctuations. The Bitwise Bitcoin ETF experienced a notable rebound with an inflow of approximately $6.8 million. Conversely, Fidelity Wise’s FBTC recorded a substantial outflow, drawing out around $6.9 million. On the positive side, Valkyrie’s BRRR Bitcoin ETF attracted an influx of roughly $2.7 million, and Franklin Templeton’s EZBC ETF reported an influx of approximately $1.8 million.
Last week saw Bitcoin ETFs deliver their poorest weekly showing, with a collective withdrawal of approximately $328 million among different funds. Notably, Grayscale’s GBTC took the lead in this outflow trend, while BlackRock’s Bitcoin ETF remained unchanged with no reported inflows or outflows.
In spite of continuous sell-offs, Bitcoin’s price has remained stable at around $63,500. The debut of Bitcoin ETFs in Hong Kong has brought about a fresh element to the cryptocurrency market. Following their launch, there was noticeable excitement-fueled buying and selling during the early trading sessions.
BTC Price Today
Unlike most other players in the market, Michael Saylor, a notable Bitcoin advocate and CEO of MicroStrategy, has been increasing his Bitcoin holdings rather than reducing them. He recently acquired 112 more Bitcoins, with an average purchase price of $64,000. Saylor’s persistent buying behavior, coupled with similar moves from entities such as Tether and El Salvador, is perceived as a significant factor fueling potential future price growth.
The Hong Kong Bitcoin ETF’s launch has significantly boosted the price of Bitcoin recently. At present, the Bitcoin price has risen by 1.82%, or $1,132.70, to reach $63,385.73 on April 30. Concurrently, the total market value of Bitcoin surged to an impressive $1.24 trillion. Additionally, Bitcoin’s trading volume experienced a substantial increase of 23.81%, amounting to $25.25 billion within the last day.
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2024-04-30 10:31