$13 million in outflows – DiarioBitcoin
By Hannah Perez
After five consecutive sessions of inflows, Bitcoin ETFs turned negative again after recording net outflows on Tuesday. Bitcoin slipped below $60,000 and remains in the red.
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- After 5 sessions of net inflows, US Bitcoin spot ETFs turn negative
- They recorded an outflow of USD $13.4 million on Tuesday amid a price correction in the market
- Bitcoin slipped below $60,000 and is barely managing to hold on to the area
Exchange-traded funds (ETFs) Bitcoin US spot market prices turned bearish again amid a sharp price correction for the asset underlying that product class.
After five consecutive sessions of entriesthe 11 ETFs based on Bitcoin US cash Net daily capital outflows were recorded on Tuesday, totalling USD 13.4 million.according to data provided by Farside Investors.
The loss came after the largest net inflow in nearly a month on Monday, at nearly $130 million, and after several days of relatively low inflows for the group. The ETFs had accumulated an inflow of about $267 million through Tuesday, down from outflows of more than $550 million seen the previous week.
GBTC of Grayscale and BITB of Bitwise were the two contributors to Tuesday’s combined outflows, each with a daily withdrawal of USD $32.4 million and USD $6.8 million, respectively, according to the same data source.
The ETF Bitcoin of BlackRockIBIT, dominated the session in terms of inflows with USD $14 million, followed by funds from Fidelity, VanEck and Ark Investwhich saw respective receipts of USD $5.4, USD $3.5 and USD $2.5 million.
Meanwhile, the lack of daily gains for the rest of the ETFs also contributed to the general outflow of the group. In particular, the products of Invesco, Franklin Templeton, Valkyrie, WisdomTree and Hashdex did not record any net capital inflows or outflows during yesterday’s session.
ETFs of Bitcoin US cash inflows have so far totaled USD $14.64 billion since their debut in January.
Bitcoin sees a reversal: it fell below USD $60,000
The most recent exit coincided with a reversal for Bitcoin (BTC), which started July on a bullish note when it surpassed a price of USD $63,000 per unit on Monday, and after having closed the previous month with a loss of 7%. However, the recovery was short-lived and the main cryptocurrency failed to maintain the USD $64,000 level.
Bitcoin slipped below the key $60,000 area amid bearish headwinds, triggering a cascade of liquidations in the cryptocurrency market in the early hours of Wednesday.
Expert observers have identified events such as the Federal Reserve’s (FED) recent statements about a prolonged delay in cutting interest rates and the announced payment to victims of Mt. Gox this month as factors that would currently be exerting downward pressure on the cryptocurrency market.
Despite this, there are those who have expressed optimism, anticipating price increases for this quarter of the year. Analysts at the bank Standard Chatered project new highs for Bitcoin in August as a result of the official announcement of the candidates for the upcoming US presidential elections.
BTC is changing hands around $60,200 at the time of writing, down 2.8% over the past 24 hours, according to data from CoinMarketCap. The rest of the major cryptocurrencies are also moving lower.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Picture of Unsplash
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