Only one Bitcoin ETF saw inflows yesterday amid price decline – DiarioBitcoin
By Hannah Perez
Overall, US spot Bitcoin ETFs saw $20 million in outflows, with the majority of them reporting zero flow in Wednesday’s session.
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- US Bitcoin Spot ETFs See $20 Million Outflow
- Second day of outflows for the group: most recorded zero capital flow
- Only Fidelity’s fund experienced daily net inflows, while GBTC saw outflows
- Bitcoin fell below $57,000 before a slight recovery
As Bitcoin fell back to lows since February, the exchange-traded funds (ETFs) of Bitcoin US spot markets continue to experience net capital outflows.
On Wednesday, the 11 ETFs based on Bitcoin US spot currencies recorded net withdrawals of $20.5 million, after having seen an outflow of nearly $14 million the previous day, according to data from Farside InvestorsThis marked the second consecutive day of outflows after accumulating modest inflows during the previous five sessions.
The day was peculiar since only one of the products registered a daily net inflow. FBTC of Fidelity stood out as the only ETF Bitcoin of the cohort to raise capital on Wednesday for a total of USD $6.5 million.
However, the modest entry of the ETF Fidelity was not enough to offset the USD $27 million outflow received by GBTC, the ETF converted from Grayscale which previously functioned as a trust. None of the other ETFs saw capital inflows or outflows, including IBIT. BlackRock; which, as a result, led to negative flows for the group.
ETFs of Bitcoin Spot exchanges had about $800 million in trading volume on Wednesday, down from $995 million on Tuesday. Recent trading volume for the product class was lower than in March, when they saw daily volume of about $8 billion to $10 billion, he noted. The Block.
The ETFs have accumulated a total net inflow of USD$14.62 billion since their debut in January.
Flows to these funds have slowed markedly since hitting a record daily inflows of more than $1 billion in March, which could be an indication of waning interest among investors.
The latest capital outflow for the group came as Bitcoin extended weekly losses. Bitcoin (BTC), which closed June with a negative 7% monthly return, momentarily dipped below $57,000 this morning, revisiting levels last seen in late February, amid several bearish factors.
At the time of writing, BTC is hovering around USD $58,000, down 3.8% on the day and 5.7% on the week.
Waiting for the ETFs Ethereum cash
Meanwhile, cryptocurrency industry participants in the US are waiting for the official launch of the first cryptocurrency ETFs. Ethereum (ETH) spot. The Securities and Exchange Commission (SEC) approved eight funds with direct exposure to ETH in May and issuers are currently finalizing details to bring them to market.
Yesterday, Bitwise filed its updated S-1 form with the US agency, providing signs of progress in the regulatory process. The analyst BloombergJames Seyffart estimates that spot ETFs Ether could appear later next week or the week of July 15th.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Picture of Unsplash
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