Bitcoin ETFs See $226M Outflows Led by Fidelity’s FBTC; crypto news today
Bitcoin ETFs See $226M Outflows Led by Fidelity’s FBTC; crypto news today
Bitcoin ETFs See $226M Outflows Led by Fidelity’s FBTC; crypto news today
The majority of the ETFs had withdrawals on Thursday, with BlackRock's IBIT being the only one to report a net inflow.
- On Thursday, U.S.-listed bitcoin ETFs saw withdrawals of more than $226 million, the third day of withdrawals this week.
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This pattern is consistent with the outflows that occurred around the end of April.
For the third day in a row, U.S.-listed bitcoin (BTC) exchange-traded funds (ETFs) reported net outflows of over $226 million on Thursday. These withdrawals are reminiscent of the wave of withdrawals that happened at the end of April.
The largest withdrawal was $106 million from Fidelity's FBTC, according to early SoSoValue data. $62 million was reported as being removed from Grayscale's GBTC, and $53 million was removed from Ark Invest's ARKB.
The only one with a net inflow, BlackRock's IBIT, gained $18 million. There was no action in the inflows or outflows from the ETFs provided by WisdomTree, Franklin Templeton, Valkyrie, and Hashdex.
This week, Wednesday was the only day that had a net inflow of these products listed in the United States, adding $100 million to the total value of the day. The activity takes place in the midst of a typically turbulent week for bitcoin and the wider cryptocurrency market, which was focused on Wednesday's important Federal Reserve meeting and U.S. inflation report.
After three days, the net amount removed from the exchange-traded funds is $564 million. Roughly half of the $1.2 billion extracted from six days at the end of April is that amount.
When U.S. inflation data was less than anticipated, bitcoin prices spiked to $70,000 from $68,000 for a short while before falling again.
