Bitcoin ETF

Bitcoin

Spot

Spot Bitcoin exchange-traded funds (ETFs) reported total net outflows of $51.6 million on Friday, marking the fifth day of consistent withdrawals.&nbsp; 
Among these, the Grayscale ETF (GBTC) experienced a substantial single-day net outflow of $169 million. In contrast, the BlackRock ETF (IBIT) and Fidelity ETF (FBTC) saw modest single-day net inflows of $18.89 million and $18.13 million, respectively, both reaching two-day record lows. 
Despite this downward trend, there’s a silver lining as the rate of outflows appears to be decelerating. The most significant <a href="https://crypto.news/spot-bitcoin-etfs-record-highest-daily-net-outflows/">drop</a> happened on Tuesday, with over $323 million exiting across all 10 ETFs. Correspondingly, <a href="https://crypto.news/price/bitcoin/">Bitcoin’s</a> value dipped to $62,000 on the same day.&nbsp; 
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 Total Bitcoin ETF outflow since SEC approval | Source: <a href="https://sosovalue.xyz/assets/etf" target="_blank" rel="noopener">SoSo Value</a>
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 You might also like: <a href="https://crypto.news/crypto-market-slumps-8-as-bitcoin-etf-outflows-exceed-836m-but-theres-a-catch/"> Crypto market slumps 8% as Bitcoin ETF outflows exceed $836m, but there’s a catch </a> 
However, as the outflow slows, Bitcoin has started to bounce back, showing a near 3% increase today, pushing its price up to $64,600. 
<a href="https://twitter.com/ki_young_ju/status/1771038205623865426" target="_blank" rel="noopener">Analysts</a> have suggested that ETF demands could resurface as the largest cryptocurrency reaches certain support levels. 
The upcoming <a href="https://crypto.news/bitcoin-btc-may-hit-83k-before-halving-kevin-svenson/" data-type="link" data-id="https://crypto.news/bitcoin-btc-may-hit-83k-before-halving-kevin-svenson/">halving</a> could also see renewed interest from institutional investors in these ETFs.&nbsp; 
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> spot ETF netflows are slowing. Demand may rebound if the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> price approaches critical support levels. New whales, mainly ETF buyers, have a $56K on-chain cost basis. Corrections typically entail a max drawdown of around 30% in bull markets, with a max pain of $51K. <a href="https://t.co/vZCG4F0Gh5" target="_blank">pic.twitter.com/vZCG4F0Gh5</a>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1771038205623865426?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 22, 2024</a>
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This recent activity underscores a strong correlation between Bitcoin ETF movements and the BTC’s market value. 
Earlier in the month, when Bitcoin ETFs enjoyed a record influx of $1 billion, the price of BTC soared to an all-time peak of $73,700.&nbsp; 
 Read more: <a href="https://crypto.news/gary-gensler-crypto-disinfectant/"> Gary Gensler advised crypto industry to use ‘disinfectant’ </a>

Bitcoin ETFs see a fifth consecutive day of net outflow

crypto.news

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