U.S. Bitcoin (BTC) Spot ETFs Experience Significant Net Withdrawals, Ending Positive Inflow Streak

IconCryptoNewsTerminal Staff11 Jun, 2024

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U.S. Bitcoin (BTC) Spot ETFs Experience Significant Net Withdrawals, Ending Positive Inflow Streak

Cryptocurrency enthusiasts may be surprised to learn that U.S.-based Bitcoin (BTC) spot exchange-traded funds (ETFs) have experienced a notable shift in investor sentiment, with recent data revealing a significant net withdrawal of funds. According to Farside Investors, a financial information platform, the 10th marked a turning point, with a total of $64.9 million in net outflows from these ETFs. This development abruptly ended a 20-day period of consecutive net inflows. Breaking down the figures, BlackRock's iShares Bitcoin Trust (IBIT) saw a modest inflow of $6.3 million. However, this was overshadowed by substantial outflows from Grayscale's Bitcoin Trust (GBTC) and Invesco-Galaxy's Bitcoin Trust (BTCO), which amounted to $39.5 million and $20.5 million, respectively. This reversal in investor behavior suggests a shift in sentiment among those seeking exposure to Bitcoin through traditional financial instruments. It remains to be seen whether this trend will continue, and market participants will be closely monitoring the situation for further developments.

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