Bitcoin ETF

Bitcoin

Elon Musk

BlackRock’s spot Bitcoin ETF (exchange-traded fund) recorded its first net outflow since May 1 yesterday as the 12 BTC funds extended their negative flow streak to 3 days and the leading crypto dropped below $60K.
BlackRock’s IBIT, which is the largest spot <a href="https://insidebitcoins.com/news/nft-sales-soar-9-this-week-as-polygon-bitcoin-and-solana-surge-10-in-sales" rel="noopener noreferrer nofollow">Bitcoin</a> ETF by net assets, recorded $13.51 million in net outflows on Aug. 29, according to <a href="https://sosovalue.xyz/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow">data</a> from SosoValue.
<img decoding="async" src="https://static.news.bitcoin.com/wp-content/uploads/2023/07/blackrock-bitcoin-etf.jpg" alt="SEC Accepts Blackrock's Bitcoin ETF Application – Bitcoin News">
<h2 id="span-style-font-weight-400-arkb-the-only-spot-bitcoin-etf-to-record-net-inflows-yesterday-span">ARKB The Only Spot Bitcoin ETF To Record Net Inflows Yesterday</h2>
Capital continued to flow out of Grayscale’s GBTC after $22.86 million left the fund’s reserves on Aug. 29. Similarly, Fidelity’s FBTC suffered net outflows of $31.11 million, while Bitwise’s BITB and Valkyrie’s BRRR posted respective outflows of $8.09 million and $1.68 million.
The only spot <a href="https://insidebitcoins.com/news/long-term-bitcoin-holder-capitalization-tops-10b-as-btc-loses-60k-support-and-ends-8-day-etf-inflow-streak" rel="noopener noreferrer nofollow">Bitcoin ETF</a> that recorded net inflows yesterday was Ark and 21Shares’ ARKB. This is after investors poured $5.34 million into the fund.&nbsp;
In addition to the net outflows, the funds also saw their collective trading volumes drop. Data shows that trading activity across the 12 funds fell to $1.64 billion. This was a decrease from the $2.18 billion volumes recorded the day before.
<h2 id="span-style-font-weight-400-bitcoin-drops-below-60k-analyst-predicts-bullish-move-after-pce-release-span">Bitcoin Drops Below $60K, Analyst Predicts Bullish Move After PCE Release</h2>
Over the past 24 hours, the Bitcoin price <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">dropped</a> below the psychological $60K mark to trade at $59,457.09 as of 7:17 a.m. EST. Despite this recent retracement, there is still the possibility that the leading crypto will start grinding to the upside soon, according to renowned trader and analyst Michael van de Poppe.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is still acting in between crucial levels.
 However, I suspect we will be grinding upward after today's PCE data.
 The crucial level to break upwards is $61K. <a href="https://t.co/fJDbjycZ3q" rel="noopener noreferrer nofollow">pic.twitter.com/fJDbjycZ3q</a>
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1829428852743180342?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 30, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
In an Aug. 30 X post, van de Poppe said that BTC “is still acting in between crucial levels.” Following the release of the Personal Consumption Expenditures (PCE) data today, he believes that Bitcoin will start “grinding upward.” He also highlighted the $61K price point as a key barrier that the crypto will need to rise above for a sustained upward move.
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BlackRock Spot Bitcoin ETF Records First Net Outflows Since May 1 As Bitcoin Drops Below $60K And ETFs Extend Outflow Streak

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