Over $840 million have exited the U.S.-approved spot Bitcoin ETF products within seven business days.
The 11 approved spot bitcoin Exchange-Traded Funds (ETF) have recorded seven straight outflow days since August 27. Closing the market on Thursday, over $211 million was drained from the fund, leaving aspiring investors unsure of the next market move.
Notably, Fidelity Wise Origin Bitcoin Fund, FBTC, led the red market days, while BlackRock’s IBIT saw zero flows for most unfavorable days. Since August, the crypto market has been on the downside. However, many analysts and investors remain bullish and predict an upward movement before the year ends.
FBTC Leads Outflow Streak
Following the approval of Spot Bitcoin ETFs in the United States, Grayscale’s Bitcoin Trust, GBTC, has been on the red side, outflowing over $19 billion. Due to its high maintenance fees, it has spearheaded many outflow days. However, BlackRock’s IBIT has attracted many investors to lead most inflow days, taking in over $20 billion.
This has changed within the past seven ETF market days. During this period, Fidelity’s FBTC has been at the forefront of many outflow days, with IBIT coming from behind. The fund saw $373.8 million withdrawn within seven days, while IBIT parted ways with $227 million in the same timeframe.
Trailing FBTC on the list of outflows for Thursday’s record was Bitwise BITB, which parted ways with $30 million. On the other hand, Grayscale’s two ETFs, GBTC and BTC, sold $31.6 million. The remaining seven ETFs, including IBIT, EZBC, and others, did not record any market movement on the day. Significantly, only Bitwise’s BITB and Ark 21shares’ ARKB have taken in $9.5 million and $5.3 million respectively, since August 29.
Bitcoin Price Action
With many factors affecting the crypto market, Bitcoin’s price has been on the downside for some time now. The world’s biggest cryptocurrency, which traded above $70k earlier this year, is lying below $60k with no signs of an uptrend.
Bitcoin’s price is down due to several factors, including reduced investor interest, especially in the Asian market. Following the negativity from the Korean premium within the past month, many investors are now in doubt about their Bitcoin holdings, leading some to a selloff. Other investors await the next Consumer Price Index (CPI) data and Federal Reserve decisions before acquiring more BTC.
However, the decline in bitcoin price will not last for too long as analysis shows that there may be an upward trajectory that could take bitcoin above the $60k mark in no distant time.
