Significant Net Outflow from US BTC Spot ETF on September 6
CryptoNewsTerminal Staff06 Sep, 2024
Significant Net Outflow from US BTC Spot ETF on September 6
According to data from SoSoValue, a crypto market data analysis platform, there was a net outflow of $170 million from the US Bitcoin spot ETF on September 6 (local time). Grayscale GBTC saw an outflow of $52.87 million, Fidelity FBTC $85.52 million, Ark 21Shares ARKB $7.22 million, Bitwise BITB $14.30 million, Grayscale Bitcoin Mini Trust BTC $5.50 million, and Valkyrie BRRR $4.55 million. Experts attribute this outflow to a combination of factors, including the recent decline in Bitcoin prices and the uncertainty surrounding the regulatory landscape for cryptocurrencies in the US. Despite the outflows, analysts remain optimistic about the long-term prospects for Bitcoin and other cryptocurrencies. They believe that the underlying technology has the potential to revolutionize the financial industry and that the current market volatility is a temporary setback.
