Grayscale ETF: Bitcoin Spot Outflows Reach 0.5% Amid Price Dip
CryptoNewsTerminal Staff08 Aug, 2024
Grayscale ETF: Bitcoin Spot Outflows Reach 0.5% Amid Price Dip
In the last two days, outflows from the BTC spot ETF have only amounted to 0.5% of total assets under management (AUM), Bloomberg senior ETF analyst Eric Balchunas said via Twitter. "We would have expected outflows of 2-3% of AUM." "Bitcoin is now down 14% from Monday's peak and down 21% this week, yet 99.5% of money remains," he added. "Notably, there have been zero outflows from BlackRock's IBIT, which has traded $5 billion." This composure within the Bitcoin market suggests a strong level of trust in the long-term potential of the world's largest cryptocurrency. Despite the recent price dip, investors are holding their positions, indicating that they see this drop as temporary and are committed to the asset's future growth.
