- SoSoValue reports that the biggest outflow was in BlackRock’s iShares Bitcoin Trust, which lost $268.6 million.
- Bitcoin has lost 6% so far this month, against the pattern of 10 out of the last twelve Octobers, when the cryptocurrency saw increases.
U.S spot Bitcoin Exchange-traded funds (ETFs) lost almost $1.2 billion last week. As a whole, the eleven US-based spot Bitcoin ETFs lost $366.6 million on Friday, capping off a losing week for the asset and institutional investment products linked to Bitcoin.
SoSoValue reports that the biggest outflow was in BlackRock’s iShares Bitcoin Trust, which lost $268.6 million. Minor outflows occurred in the Valkyrie ETF, Grayscale’s GBTC outflowed $25 million, and Fidelity’s fund dropped $67.2 million. Friday saw no flows at all for the others.
Despite a little positive inflow on Tuesday, Bitcoin ETFs had another negative day, leading to a weekly outflow of $1.22 billion. The underlying asset fell almost $10,000 during a fall that began on Monday and ended on Friday, plunging to a four-month low of little below $104,000. This coincided with the ETF exodus.
All Eyes on Uptober
The world’s biggest asset management, BlackRock, which oversees over $13 trillion in assets, predicts that its Bitcoin ETF will see unprecedented growth. According to a BlackRock spokesman who spoke on CNBC, the firm anticipates massive investment flows into its iShares Bitcoin Trust (IBIT).
The company’s excitement is a sign that more investors see Bitcoin’s promise in the future. According to analysts, this might lead to massive institutional investment in Bitcoin and the cryptocurrency sector as a whole, perhaps amounting to trillions of dollars.
According to CoinGlass, Bitcoin has lost 6% so far this month, against the pattern of 10 out of the last twelve Octobers, when the cryptocurrency saw increases. Uptober gains have often occurred in the second half of the month, and analysts are optimistic that this trend will continue. Anticipated rate reduction by the Federal Reserve might also contribute to the rally.
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