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Money continues to leave Bitcoin ETFs. For what ?

After leading the rise in the Bitcoin market for several weeks after its launch. Investor enthusiasm for Bitcoin spot ETFs appears to be fading in recent days. It saw net outflows of $218 million in the past day alone.

And it showed Data From Farside Investors, BlackRock's IBIT Bitcoin ETF testified The second day in a row without flow (No entry or exit of capital).

While Fidelity's FBTC fund recorded its first negative daily net inflow of $23 million.

Other US Bitcoin funds have seen significant daily outflows.

The Grayscale GBTC fund continued its downward trend, losing $139.37 million, while the Ark Invest and 21Shares ARKB funds lost $31.34 million. Valkyrie Fund also saw an outflow of $20.16 million, and Bitwise saw a negative outflow of $6 million.

Franklin Templeton's EZBC fund became the only fund to record daily net inflows, attracting $1.87 million.

Despite these massive outflows, net inflows into the ETFs have exceeded $12 billion since their launch in January.

What is causing investors to flee from spot Bitcoin ETFs?

Earlier in the week, Explain James Butterville, Head of Research at CoinShares. These capital outflows indicate a decline in investor interest in ETPs/ETFs, driven by speculation about the possibility of delaying the Federal Reserve's interest rate cut.

Moreover, some market experts have stressed that the slowdown is necessary for the market to catch its breath.

Eric Balkunas, senior ETF analyst at Bloomberg, reported. Fidelity FBTC and BlackRock IBIT funds broke records for highest net assets in the first 72 days after launch.

“The dominance of IBIT, FBTC and others shows how hot the market is, and frankly, we had to take a break,” he said.

The Fidelity FBTC and BlackRock IBIT funds are of particular interest as they are market leaders. Together, they manage more than $27 billion in assets.

However, Morgan Stanley's plan to allow 15,000 of its brokers to offer Bitcoin ETF investment services to its clients is raising expectations, which could reignite interest in the market.

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