This week has turned out to be a pessimistic week for Bitcoin Spot Exchange Traded Funds (ETFs) as the historical products have experienced consistent negative outflows in recent days in light of recent price changes.
Bitcoin Spot ETF Records 3rd Consecutive Day of Outflows
In an alarming development, Find a Bitcoin ETF has witnessed negative outflows again, recording losses worth millions of dollars after Thursday’s trading day, indicating a decline in adoption in both retail and retail sectors. institutional level.
Data from London-based investment management firm Farside Investors showed that the outflow marked the 3rd consecutive day of investor withdrawal. According to a report from the company, the product saw cumulative outflows of more than $81.1 million on Thursday after experiencing recalls of $30.6 million and $18.6 million on Wednesday and Tuesday, respectively.
Fidelity BTC ETF (FBTC) recorded the most daily outflows, worth $33.8 million followed by Ark Invest BTC ETF (ARKB), Blackrock’s BTC ETF (IBIT), and Bitwise BTC ETF (BITB), which lost about $30.3 million , $10.8 million, and $6.2 million respectively. Meanwhile, the remaining funds are non-existent or there is no inflow.
The consistent drawdown indicates increasing uncertainty in the cryptocurrency market as investors reduce their exposure Bitcoins in the face of increased volatility and macroeconomic concerns. This also shows waning confidence among investors in BTC’s short-term potential despite strong optimism following the fund’s launch earlier this year.
It’s worth noting that the withdrawal came after the fund recorded massive net inflows of more than $235.2 million on Monday, which may have been due to a general market rebound. However, since BTC prices fell on Tuesday, exchange funds have experienced significant outflows, indicating a cautious approach among investors.
This negative trend is visible in the broader spot ETF landscape Ethereum looks at ETFs has also recorded large outflows along with Bitcoin.
BTC Whales Continue to Accumulate Their Assets
Even though spot BTC ETFs have consistently recorded heavy losses in recent days, reports reveal that whales are still accumulating crypto assets, signaling a strong belief about the upcoming bullish move. The ongoing trend shows that large shareholders have been making acquisitions BTC with the aim of capitalizing on the coin’s long-term growth.
Negentropic, crypto expert and trader shared development on platform X (formerly Twitter). According to the expert, despite the unexpected increase in United States inflation data, whales are still eager to acquire BTC.
He also noted that long-term holders and whales continue to accumulate BTC, and short-term holders starting to see recovery as exchange volumes decline. As a result, Negentropic claims that “confidence in Bitcoin’s medium and long-term performance is very strong.”
Featured image from Unsplash, chart from Tradingview.com
