Bitcoin ETF

Bitcoin

Million

<p>Investor interest in Bitcoin continues to remain subdued with Bitcoin ETFs witnessing a second consecutive day of outflows on Friday, May 10. Outflows from the Grayscale Bitcoin ETF seem to be stopping nowhere. On Friday, GBTC reported another $100 million in outflows, with the total outflows across all 11 Bitcoin ETFs crossing $84 million.</p> 
<p>BlackRock’s ETF IBIT experienced an inflow of $12.4363 million on Friday, while Fidelity’s ETF FBTC saw an inflow of $5.3039 million.</p> 
<h3 id="bitcoin-etfs-continue-to-attract-traditional-players">Bitcoin ETFs Continue to Attract Traditional Players</h3> 
<p>Some of the top banking institutions have come forward to reveal their exposure to the spot Bitcoin ETFs. This shows that the Bitcoin investment product continues to remain a top choice of institutional players.</p> 
<p>The world’s largest banking institution <a href="https://coingape.com/breaking-jpmorgan-chase-reveals-its-bitcoin-etf-holdings/" target="_blank" rel="noopener">JPMorgan</a> recently revealed that they have sizeable holdings in several different Bitcoin ETFs available in the market. JPMorgan’s investment portfolio demonstrates a diversified approach to the cryptocurrency sector, encompassing various ETFs.</p> 
<p>In its disclosed holdings, the bank reveals ownership of 25,021 shares of Bitcoin Depot Inc., with a market value of $47,415. This investment is just one component of JPMorgan’s broader strategy, which includes a range of ETFs aimed at capturing opportunities within the cryptocurrency market.</p> 
<p>Another banking giant <a href="https://coingape.com/breaking-third-largest-us-bank-discloses-spot-bitcoin-etf-exposure/" target="_blank" rel="noopener">Wells Fargo</a> also disclosed its exposure to Bitcoin ETFs. Its recent filing with the US SEC indicates that the banking giant holds 2,245 shares of Grayscale Bitcoin ETF (GBTC).</p> 
<h3 id="btc-price-tanks-3-5">BTC Price Tanks 3.5%</h3> 
<p>The <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> has tanked another 3.5% in the last 24 hours once again moving closer to the crucial support level of $60,000. Amid these continuous outflows, Bitcoin has not seen enough buying interest in recent times.</p> 
<p>According to insights from on-chain data provider Santiment, traders are exhibiting limited interest in the “buy the dip” strategy as Bitcoin experiences a decline, dropping to as low as $60.2K today. This subdued response from the trading community reflects a prevailing lack of confidence, often indicative of prices nearing a bottom. Analysts recommend monitoring social interest levels to assess the persistence of Fear, Uncertainty, and Doubt (FUD) in the market.</p> 
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  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1788975787074519310" target="_blank">Santiment</a>
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<p>The post <a href="https://coingape.com/gbtc-outflows-over-100-million-drag-bitcoin-btc-price-down-by-3-5/">GBTC Outflows Over $100 Million Drag Bitcoin (BTC) Price Down By 3.5%</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

GBTC Outflows Over $100 Million Drag Bitcoin (BTC) Price Down By 3.5%

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