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CryptoXTimes > Article > Bitcoin News > Bitcoin ETFs Begin Third Week Of Outflows Amid Market-Wide FUD
Bitcoin NewsNews

Bitcoin ETFs Begin Third Week Of Outflows Amid Market-Wide FUD

Bitcoin ETFs continue outflows amid market uncertainty and falling BTC prices.

Sana Bukhari
Last updated: June 25, 2024 10:13 am
Sana Bukhari 11 months ago
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Bitcoin ETFs Begin Third Week Of Outflows Amid Market-Wide FUD

Reflecting continuous uncertainty in the Bitcoin market, U.S. Bitcoin (BTC) exchange-traded funds (ETFs) have entered their third consecutive week of negative net flows. Recently falling below the $60,000 threshold, Bitcoin’s price fuels investor worries.

Data from Farside Investors indicates that on June 24, BTC ETF outflows came to $174.5 million. Recording outflows of $90.4 million, the most since June 11, the Grayscale BTC Trust (GBTC) has been a major factor driving this trend. This outflow pattern from GBTC reflects the early days of BTC investment product tendencies and more current market actions.

Apart from GBTC, other spot BTC ETFs have also disclosed notable outflows. With $35.2 million in second-largest outflows, the Fidelity Wise Origin BTC Fund (FBTC) observed the Franklin BTC ETF (EZBC) recorded $20.9 million in outflows. Though more widely this time, up to seven Bitcoin ETF products had withdrawals on June 24, a recurrence of the negative attitude noted on June 11.

Bitcoin ETFs See Exception With BlackRock’s iShares Bitcoin Trust (IBIT)

Among the sea of red, BlackRock’s iShares BTC Trust (IBIT) is one noticeable exception since it kept zero flows on June 24. IBIT has successfully hedged against negative outflows within the continuous market collapse. On May 1, with a $36.9 million outflow, IBIT last saw a negative net flow.

Following $145.9 million in negative net flows, the cumulative net flows for spot BTC ETFs have now dropped to $14.38 billion, continuing a trend that saw the amount dip below $15 billion on June 17. The most current statistics show that net outflows from these investment products mark the seventh consecutive day.

This outflow tsunami matches Bitcoin’s battle to overcome general bearish pressure. Following a 4.61% decline the day before, BTC is trading at $60,772 despite a little 0.8% rise at the time of writing. Yesterday, BTC dropped momentarily below $60,000; it reached a one-month low of $58,402 and began a minor comeback.

Investors remain wary of Bitcoin’s near-term prospects. Hence, the continuing negative sentiment and ETF outflows reflect the prevailing Fear, Uncertainty, and Doubt (FUD) in the BTC market.

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TAGGED: Bitcoin, ETF, fbtc, GBTTC, IBIT
By Sana Bukhari
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Sana Ali is a crypto guru who writes helpful articles that reveal complicated ideas in a way that many people can understand. She knows much about blockchain's basic ideas and how it works.
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