On Wednesday, Bitcoin ETFs saw mixed results as the price of Bitcoin dropped below $64,000, settling at $63,432. Despite the price dip, the 11 tracked Bitcoin ETFs managed to end the day with positive inflows of $105.84 million, largely due to BlackRock’s IBIT fund.
BlackRock’s IBIT made two big purchases this week. After buying $98.89 million in Bitcoin on Tuesday, the ETF added another $184.38 million on Wednesday, propping up the overall inflows for the day. This influx was crucial in balancing out the notable outflows from other funds as Bitcoin’s price dropped.
Ark Invest’s ARKB saw outflows of $47.41 million, while Fidelity’s FBTC sold off $33.19 million worth of Bitcoin. Bitwise’s BITB fund also recorded a smaller outflow of $2.07 million. These outflows occurred as Bitcoin’s price struggled, putting pressure on the ETFs.
On the other hand, several Bitcoin ETFs had no notable inflows or outflows for the day. Grayscale’s GBTC and BTC funds, along with Valkyrie’s BRRR, VanEck’s HODL, Invesco’s BTCO, Franklin & Templeton’s EZBC, and WisdomTree’s BTCW, all held steady without any changes in their Bitcoin holdings.
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