BTC Spot ETF Suffers Net Outflows, Losing $121 Million on 4/24

IconCrypto News Terminal25 Apr, 2024

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BTC Spot ETF Suffers Net Outflows, Losing $121 Million on 4/24

The ProShares Bitcoin Strategy ETF (BITO), a spot-based Bitcoin exchange-traded fund (ETF), experienced significant net outflows on April 24, with investors withdrawing a total of $121 million. This marks a sharp reversal from the previous day, when BITO saw net inflows of $16 million. The outflows from BITO suggest that investors may be growing cautious about Bitcoin's short-term prospects, amid concerns about the wider crypto market and macroeconomic headwinds. Bitcoin's price has been volatile in recent weeks, falling below $40,000 on April 24 before recovering slightly. Previously on April 23, BITO had seen net inflows of $32 million, indicating a shift in investor sentiment toward Bitcoin at the time. However, the latest outflows suggest that sentiment may be turning negative once again.

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