US BTC Spot ETF Records $37.29 Million in Outflows, Extends Bearish Streak to Six Days
CryptoNewsTerminal Staff05 Sep, 2024
US BTC Spot ETF Records $37.29 Million in Outflows, Extends Bearish Streak to Six Days
According to data from crypto analytics firm Trader T, a significant $37.29 million worth of net outflows was observed from US Bitcoin spot exchange-traded funds (ETFs) on January 4. This marks the sixth consecutive trading day of net outflows for these ETFs, indicating sustained bearish sentiment among investors. Leading the outflows was Grayscale's flagship Bitcoin Trust (GBTC), which witnessed withdrawals amounting to $34.25 million. Despite the negative trend, Bitwise's BITB ETF experienced inflows of $9.46 million. Notably, BlackRock's iShares Blockchain and Tech ETF (IBIT) reported no significant inflows or outflows during the period. These outflows reflect a broader decline in investor appetite for cryptocurrency-related investments amid recent market volatility and regulatory uncertainty. The US Securities and Exchange Commission (SEC) is yet to approve a spot Bitcoin ETF despite several applications, contributing to the reluctance of investors in this space.
