Bitcoin

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 Spot Bitcoin ETFs (exchange-traded funds) suffered their largest daily outflow since launch in January and BlackRock’s IBIT fund experienced its first negative day.
 The newly-launched US ETFs recorded $563.7 million in total net outflows on May 1, according to data from SosoValue. During the same day, $36.9 million flowed out of the dominant BlackRock spot Bitcoin ETF. <img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="Why Bitcoin Futures ETFs Won't Match Bitcoin's Price Moves | Money" data-lazy-src="https://cdn.thebittimes.com/images/2024/05/02/92784298287eb3b16e5a242fcb808a91.webp">
 <noscript><img decoding="async" src="https://cdn.thebittimes.com/images/2024/05/02/92784298287eb3b16e5a242fcb808a91.webp" alt="Why Bitcoin Futures ETFs Won't Match Bitcoin's Price Moves | Money">
 </noscript>
 <h2 id="span-style-font-weight-400-fidelity-s-bitcoin-etf-hit-hardest-span">Fidelity’s Bitcoin ETF Hit Hardest</h2>
 Fidelity’s FBTC was hit the hardest after $191 million exited the fund. That was enough to exceed the $167.3 million net outflows that hit Grayscale’s GBTC.
 Ark Invest’s ARKB witnessed the third-largest daily net outflows, with $98.1 million leaving the fund. BlackRock’s IBIT was the next biggest loser, followed by Bitwise’s BITB with $29 million in net outflows.
 Investors pulled their capital from these funds after the price of Bitcoin (BTC) plunged more than 10% over the past week. The market leader continued to underperform in the past 24 hours, plunging 3% in the past day of trading.
 <h2 id="span-style-font-weight-400-analysts-not-too-worried-about-the-outflows-span">Analysts Not Too Worried About The Outflows</h2>
 But Bloomberg ETF analyst James Seyffart said the outflows are nothing to be too concerned about. 
 “Inflows and outflows are part of the norm in the life of an ETF,” he said in a May 2 X post. ”These ETFs are operating smoothly across the board.”
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Should add — these ETFs are operating smoothly across the board. Inflows and outflows are part of the norm in the life of an ETF.
 — James Seyffart (@JSeyff) May 2, 2024
 </blockquote>
 
 ETF Store president Nate Geraci shared a similar sentiment, saying inflows “don’t go up in a straight line,” in an X post. He also pointed out that the iShares Gold ETF and SPDR Gold ETFs have respectively recorded $1 billion and $3 billion in outflows so far this year.
 Despite these substantial outflows, the commodity is still up around 16%, noted Geraci.
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 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-etfs-record-largest-daily-outflows-as-blackrock-endures-its-first-negative-day-tbt87206.html">https://thebittimes.com/bitcoin-etfs-record-largest-daily-outflows-as-blackrock-endures-its-first-negative-day-tbt87206.html</a>
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Bitcoin ETFs Record Largest Daily Outflows As BlackRock Endures Its First Negative Day

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