The last week for Spot Bitcoin-based ETFs was a tough one, as they were unable to draw in strong flows day after day. These Spot Bitcoins ETFs saw daily outflows on a consistent basis last week. This indicates that the bullishness amongst institutional traders is waning. It seems that the Bitcoin price has been affected by this. cryptocurrency fell to as low As much as $61,370 per week.
Bitcoin ETFs Continue to See Outflows
Investors interested in bitcoin Spot ETFs skyrocketed throughout February Bitcoins price soared to a record high in early March during the bull market, pushing it up from an all-time high 73,737 dollars
The ETFs set new records in trading for US exchange-traded fund. The ETFs, however, have set a new record with five days of consecutive outflows. beat a four-day outflow streak Set in January
BitMEX Research reported that the ETFs had five consecutive days with outflows in excess of $154 million. This was followed by $326 million on day two, then $261.6 millions, $93.1M, $51.6M, etc. Grayscale’s GBTC, meanwhile, set a brand new daily record.
BitMEX also reveals the redemption of 9539.7 BTC, worth more than $642.5 Million on Monday. This was the biggest single-day outflow ever recorded in GBTC history.
[1/4] Bitcoin ETF Flow – 22 March 2024
All data in. The 5th day with net outflows. Total net outflow was $52m. Blackrock has a low-flow record of $18.9m pic.twitter.com/63u297xh8d
— BitMEX Research (@BitMEXResearch) March 23, 2024
Grayscale’s outflow was not particularly shocking, given that the fund had experienced consistent daily outflows since its launch. This was due to the extremely low flows into other Spot-ETFs, like BlackRock IBIT and Fidelity FBTC. These huge inflows had always been able to offset GBTC’s outflows.
Blackrock (IBIT), the company that has been receiving the bulk of inflows in the past, reached a new low on Friday 22nd March of 18.9 millions. Fidelity’s inflow, on the contrary, fell to as little as $5.9million on Monday, 18 March.
Bitcoin has now traded at $65.122. Chart: TradingView
Bitcoin: Will the Price of Bitcoin Recover?
Bitcoin’s recent high of $73,000 is now the big question. The big question is whether Bitcoin can stage a strong recovery and reclaim its recent all-time high above $73,000. continuation of outflows Bitcoin prices could also be affected by Spot Bitcoin Exchange Traded Funds.
Intriguingly, the low volume of trades has not been a direct result of the poor inflow. Data Shows that cumulative trading volumes of 10 ETFs has reached $164 billion following a trading volume $22.71 Billion last week.
The aforementioned After week of deep outflowsThe coming days are crucial for determining what happens in the future next major move Bitcoin’s price has risen. Bitcoin has still managed to hold its own despite a rough week. has a chance to rebound The cost of living is expected to rise by $73,000, or more. next Bitcoin halving event.
Chart from TradingView, Featured Image from Pexels
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