- US spot Bitcoin ETFs recorded $358.6 million in outflows on Thursday
- Thursday’s fund outflow is the largest for the ETF market in the past couple of months
The spot Bitcoin ETF market’s fund inflow and outflow reports became the talk of the town today. This is because the spot BTC ETFs recorded $358.6 million net outflows yesterday. Even though this is not the first time spot Bitcoin ETFs recorded net outflows, this time hit different.
The major reason $358.6M net outflows making it to the headlines ot because, it ended a 10-days-long streak of net inflows. Bitcoin spot ETFs received a record $4.26 billion in net inflows in the last 10 days. This record resulted in the cumulative total net inflow of $44.99 billion as of Thursday.
As per SoSoValue report, total net assets in US spot Bitcoin ETFs are worth $128.13 billion. This represents an overall 6.07% share of the Bitcoin market cap. So far, over $5.39 billion worth of funds traded in crypto ETF products.
BlackRock’s IBIT is the only ETF that recorded a net inflow of $125 million yesterday. All of the remaining spot Bitcoin ETF products witnessed net outflows.
While Fidelity’s FBTC recorded the highest outflows of $166.32 million, Grayscale’s GBTC followed its lead with $107.53 million outflows. Ark and 21Share’s ARKB recorded net outflows of $89.22 million yesterday. Almost all other US spot Bitcoin ETFs, such as Bitwise, VanEck, Valkyrie, and Invesco have recorded outflows.
Bitcoin Spot ETFs Recorded Largest Single-Day Outflows
Yesterday’s Bitcoin ETFs made another record. The $358.6 million in net outflows is the largest single-day net outflows recorded in the last couple of months.
Meanwhile, the crypto market continues its usual volatility. Bitcoin price dropped 2.72% in the last 24 hours to the $105K price range, whereas Ether is trading at the $2,600 level. All other major altcoins are also in red. Solana dropped 5.39% as the market tumbled. Other altcoins XRP and Dogecoin dropped 4% and 9.15%, respectively.
On the other hand, only few cryptocurrencies are recording agins today. DeXe’s native DEXE token is up a record 12.19% and UNUS SED LEO’s LEO is up 2.09%, and Lido DAO’s LDO token gained 1.80%.
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