On Wednesday, Bitcoin experienced a 4% drop in price, bringing it down to $58,419 at the time of writing. This decline in price was accompanied by losses for the Bitcoin ETFs in the United States, with the funds recording substantial outflows, making the week so far a net negative of $14.55 million.
Monday and Tuesday started on a positive note, with inflows of $27.87 million and $38.94 million, respectively. However, Wednesday’s numbers painted a different picture. According to data from SoSoValue, the 11 Bitcoin ETFs collectively saw a total outflow of $81.36 million.
BlackRock’s IBIT fund was one of the few bright spots, managing to bring in $2.86 million. In contrast, Grayscale’s GBTC fund took a heavy hit, with $56.87 million flowing out. Fidelity’s FBTC also saw big outflows, losing $18.05 million, while ARK Invest wasn’t far behind, with $6.77 million in outflows. Bitwise had a rough day as well, with $5.78 million leaving the fund. On the other hand, Franklin Templeton saw a slight positive movement, managing to attract $3.42 million in inflows.
Bitcoin ETFs from, VanEck, Valkyrie, Invesco, Grayscale(BTC), and Wisdom Tree did not record inflows for the day.