Bitcoin ETFs in the US have three consecutive days of exits for USD $560 million – DiarioBitcoin
By Hannah Perez
Losses for US spot Bitcoin ETFs continued to extend on Monday, with a daily outflow of more than $140 million.
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- Outflow streak extends for US spot Bitcoin ETFs
- The group saw negative flows worth more than USD $140 million on Monday
- The accumulated loss in the last three sessions amounts to USD $562 million
- Bitcoin slid to $65,000 amid negative economic indicators in the US.
Losses for exchange-traded funds (ETFs) Bitcoin US spot stocks continue to extend after a streak of unprecedented capital inflows and amid widespread bearish price action.
The 11 ETFs based on Bitcoin American spot markets closed their third consecutive session of outflows on Monday with a negative flow of USD $145.9 million and an accumulated outflow of USD $562 million in that period, according to data from Farside Investors.
After a streak of record inflows that spanned four weeks, Bitcoin faced a reversal last Monday, when they recorded their first session of net capital outflows since May 10. The bearish trend extended for much of last week, with a single day of net capital inflows for the group.
In total, just over USD $580 million came out of the ETFs Bitcoin in cash only last week, noted CoinShares.
The dynamic extended on Monday with FBTC, the product of Fidelity, ahead in terms of exits with a negative flow of USD $92 million. It was followed by ARKB of Ark Invest with a net outflow worth USD $50 million on the day.
The funds of VanEck and GrayscaleHODL and GBTC, also faced losses of between USD $3 and USD $4 million, while the others remained neutral with zero capital inflows or outflows, except for BITB of Bitwise which had revenues of USD $2.9 million yesterday, according to the same data source.
Bitcoin falls back to USD $65,000
The latest spate of outflows, which could suggest reduced investor appetite for ETFs, comes amid a bear market that saw Bitcoin retreat to one-month lows.
Bitcoin (BTC) fell towards the USD $65,000 area on Monday after having momentarily recaptured a key height of USD $70,000 last Wednesday, and before a even broader pullback that saw the flagship cryptocurrency fall below $65,000 during the morning (EDT) of this Tuesday.
The losses, which have spread throughout the rest of the cryptocurrency market, with some major tokens falling by double digit percentages, they reflect the bearish sentiment motivated by low expectations that the US Federal Reserve (FED) will announce more than one interest rate cut this year.
The FED decided last week to keep benchmark rates unchanged after the latest CPI report showed results of persistent inflation, and suggested that a first cut could be announced at the end of 2024, instead of in August, as many had expected. The US central bank’s tight monetary policy has put downward pressure on risk asset markets, generating a strong recent impact on cryptocurrencies.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
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