On Thursday, Bitcoin ETFs had their first day of outflows in two weeks, marking a stark reversal after a strong start to the week. A total of $680 million worth of Bitcoin was sold across the 11 funds, a shift that coincided with Bitcoin’s price dropping to $97,900, a 3.65% decline over the past 24 hours, according to CoinMarketCap.
BlackRock’s IBIT fund, which had been the biggest buyer earlier in the week with over $1.5 billion in inflows during Monday through Wednesday, remained stagnant with no inflows or outflows recorded for the day.
Most funds reported significant outflows. Fidelity’s FBTC led the declines, losing $208.55 million, followed by Grayscale BTC with $188.60 million in outflows. Ark Invest’s ARKB saw $108.35 million flow out, and Grayscale’s GBTC reported outflows of $87.86 million. Other funds affected included Bitwise’s BITB, which lost $43.61 million, Invesco’s BTCO with $25.97 million in outflows, and Valkyrie’s BRRR, which saw $8.19 million leave.
The only ETF to record inflows was WisdomTree’s BTCW, which managed to bring in $2.05 million, a modest bright spot in an otherwise negative day for Bitcoin ETFs.
The outflows align with Bitcoin’s recent price movement, as market sentiment appeared to cool after a promising start to the week. With the price now below $100,000, it remains to be seen how investors and funds will react in the coming days.
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