USD 190M Bitcoin ETF Outflows: Investors Cashing Out?

IconCryptoNewsTerminal Staff15 Jun, 2024

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USD 190M Bitcoin ETF Outflows: Investors Cashing Out?

According to on-chain data provider SpotOnChain, a total of $189.9 million was withdrawn from the American Bitcoin (BTC) spot exchange-traded funds (ETFs) in a single day on October 14, 2022. The two largest BTC ETFs, Grayscale Bitcoin Trust (GBTC) and ProShares Bitcoin Strategy ETF (BITO), experienced significant outflows, with $80.1 million and $52.3 million being withdrawn, respectively. Experts speculate that these outflows could indicate a shift in investor sentiment, with investors taking profits or reducing their exposure to the cryptocurrency market in the face of ongoing market uncertainty. However, the long-term outlook for Bitcoin ETFs remains positive, with analysts predicting that they will continue to gain popularity as a safe and convenient way to invest in the asset class.

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