On Wednesday, Bitcoin’s price took a dip, falling from $62,000 to $60,400, while the Bitcoin ETFs showed mixed activity. Out of the 11 major Bitcoin ETFs we track daily, only two saw any movement, reflecting some hesitancy in the market.
The standout was BlackRock’s BITB fund, which demonstrated optimism by purchasing $13.88 million worth of Bitcoin. However, it wasn’t enough to offset the outflows seen in other funds. Ark Invest’s ARKB fund recorded significant outflows of $44.75 million, resulting in a total net outflow of $30.59 million for the day.
Interestingly, the remaining nine funds, including big names like Fidelity’s FBTC, Bitwise’s BITB, Invesco’s BTCO, and VanEck’s HODL, saw no inflows or outflows for the day, reflecting a broader sense of hesitation in the market, with many investors seemingly waiting for clearer signals before making any moves.
At the time of writing, Bitcoin is trading at $60,850, reflecting a 2.4% drop over the last 24 hours, according to CoinMarketCap. While the price movement hints at some uncertainty, the activity (or lack thereof) among the Bitcoin ETFs indicates that many investors are waiting for clearer market signals before making their next move.