It is completely normal for spot Bitcoin ETFs to experience capital outflows that reflect investors' decisions to exit or take profits. But the value of these outings seems to make it interesting.
Bitcoin ETF Outflows Don't Stop
Bitcoin exchange-traded funds (ETFs) in the United States have seen another round of net withdrawals. For example, Grayscale Hedge Fund (GBTC) saw a sharp decline in its shares and data shows that Grayscale held 318,451.70 on Wednesday. After being in possession of 322,697.17 Bitcoin on Tuesday.
👈Read more: Genesis sold all its GBTC shares worth more than $2 billion
On April 8, 2024, US spot Bitcoin ETFs experienced significant withdrawals worth US$223.8 million. Then on April 9, withdrawals continued, reaching $19.4 million.
Grayscale Fund (GBTC) holdings saw a decline of 4,245.47 BTC overnight, from 322,697.17 BTC to 318,451.70 BTC. This shift indicates that from January 12, 2024 to April 10, a company... Shades of grey In total, 298,628.29 bitcoins were sold, worth approximately $20.39 billion.
These sales are mainly due to sales of bankrupt crypto companies, like Genesis and FTX.
Despite this, BlackRock's IBIT fund, which held 264,233.64 BTC on Tuesday, reported holdings of 266,101.68 BTC on Wednesday. Which indicates that he acquired 1,868.04 Bitcoin the day before last night. Fidelity Fund holdings also increased (FBTC) of approximately 44 additional bitcoins.
👈Read more: Selling Pressure on Bitcoin Stocks Due to FTX Selling Its GBTC Stakes
As a reminder, the trading volume of Bitcoin ETFs in the United States has reached more than $200 billion since the launch of these funds on January 11. As of April 10, the market capitalization of all spot ETFs was approximately $60.27 billion. The estimated assets under management (AUM) of these ETFs are approximately $56.57 billion.
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Najma earned a master's degree in applied statistics and econometrics before gaining significant experience in data analysis and business development. She is interested in the field of financial technologies (FinTech), Blockchain, Web 3, artificial intelligence as well as the crypto-asset market and its derivatives. Najma has participated in many global crypto industry events and events. She has also interviewed many celebrities and industry moguls.
Najma earned a master's degree in applied statistics and econometrics before gaining significant experience in data analysis and business development. She is interested in the field of financial technologies (FinTech), Blockchain, Web 3, artificial intelligence as well as the crypto-asset market and its derivatives. Najma has participated in many global crypto industry events and events. She has also interviewed many celebrities and industry moguls.
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