Wednesday

Bitcoin

James

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Bitcoin exchange-traded funds have had yet&nbsp;<a href="https://twitter.com/FarsideUK/status/1785880040586064295" rel="noopener noreferrer nofollow">another disastrous day</a>, recording a record-breaking $563 million worth of inflows.
BlackRock's IBIT also recorded inflows for the first time. The record-breaking ETF lost roughly $37 million.&nbsp;
Grayscale's GBTC also recorded substantial inflows of roughly $167.4 million.&nbsp;
Fidelity's FBTC also saw $191 million worth of outflows, performing even worse than GBTC.
Overall, not a single Bitcoin ETF recorded inflows on Wednesday in what appears to be an alarming sign of rapidly waning demand.&nbsp;
Even though these numbers might seem disastrous at first glance, Nate Geraci, president of ETF Store, was quick to downplay their severity, pointing to the fact that BlackRock's ETF, for instance, has taken more than $15 billion on a year-to-date basis. For comparison, gold ETFs recorded billions worth of outflows this year despite the fact that gold is up 16% in 2024 so far. "This is what ETFs do. Inflows don’t go up in a straight line," he added.&nbsp;
On Wednesday, Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-05-01/bitcoin-btc-etfs-flash-signs-of-stress-as-discounts-reach-records?srnd=etfs" rel="noopener noreferrer nofollow">reported</a> that Bitcoin ETFs had started displaying signs of stress with significant discounts to the value of the underlying asset. Leading ETF analyst James Seyffart said that it was not "a good look" for the funds. However, such dislocations can still occur when there is a high level of volatility.&nbsp;
At press time, Bitcoin is currently trading at $57,387, according to CoinGecko&nbsp;<a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">data</a>.&nbsp;

Bitcoin ETFs Log Record-Breaking Outflows

U_Today

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