Bitcoin ETF

Bitcoin

James

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-market-fluctuations-etfs-gbtc-sales-and-price-movements" rel="noopener noreferrer nofollow">Bitcoin Market Fluctuations: ETFs, GBTC Sales, and Price Movements</a> 
Bloomberg ETF analyst James Seyffart reported that spot <a href="https://en.bitcoinhaber.net/bitcoin-soars-above-46000-as-etf-approval-anticipation-builds" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded funds (ETFs) saw a net outflow of $76 million on the seventh day of trading. He noted that it was a bad day for Bitcoin ETF products, with Grayscale’s ETFs experiencing the largest net outflows.
Seyffart mentioned that overall capital flows into spot Bitcoin ETF products remained positive, highlighting BlackRock’s third-largest positive flow day with a net inflow of $272 million.
He stated, “Today saw a capital outflow of $640 million. Outflows are not slowing down but increasing. This is GBTC’s largest outflow to date, with a total outflow of $3.45 billion. Even after accounting for net GBTC outflows, spot Bitcoin ETF products have seen over $1.1 billion in capital inflows.”
Despite ongoing outflows from GBTC, Seyffart expects the selling pressure led by GBTC to slow down within the next two weeks. The majority of exits from Grayscale’s recently converted GBTC fund are linked to large sales by FTX.
According to a report dated January 22, FTX has liquidated approximately two-thirds of its 22.8 million GBTC shares, contributing to an estimated $600 million of the total $3.4 billion net outflows related to GBTC. Meanwhile, Bitcoin’s price has significantly dropped from $49,100 to $39,500 since the approval of ten spot ETF products on January 10, with a notable decline in open interest for Bitcoin futures on the Chicago Mercantile Exchange (CME), indicating a loss of interest in Bitcoin futures positions among institutional investors.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-market-fluctuations-etfs-gbtc-sales-and-price-movements" rel="noopener noreferrer nofollow">Bitcoin Market Fluctuations: ETFs, GBTC Sales, and Price Movements</a></h5>

Bitcoin Market Fluctuations: ETFs, GBTC Sales, and Price Movements

BH NEWS

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