On Thursday, Bitcoin took another dive, falling below $59,000, and the market reaction hit Bitcoin ETFs as well. Six of the eleven funds saw significant outflows, totaling $120.76 million. Leading the pack was Fidelity’s FBTC fund, which experienced a hefty $33.79 million in withdrawals. Ark Invest’s ARKB wasn’t far behind, with $30.30 million exiting the fund. This as per SoSoValue data.
Other ETFs also saw notable outflows during the day. Grayscale’s BTC fund recorded $21.16 million in withdrawals, while BlackRock’s IBIT fund saw $10.83 million flow out. Bitwise’s BITB fund let go of $6.16 million, and Grayscale’s GBTC fund saw $18.52 million leave.
Amid the widespread selling, BlackRock’s BITb fund stood out as the only bright spot, with $13.88 million in new inflows, signaling some optimism despite the broader downturn. However, Ark Invest’s ARKB faced another tough day, with additional outflows totaling $44.75 million, bringing Wednesday’s total outflows for the 11 funds to $30.59 million.
Meanwhile, five of the ETFs did not record any inflows or outflows for the day, including Invesco’s BTCO, VanEck’s HODL, Franklin Templeton’s EZBC, Valkyrie’s BRRR, and WisdomTree’s BTCW.
At the time of writing, Bitcoin is trading at $60,613, marking a slight drop of 0.40% over the past 24 hours, according to CoinMarketCap.