New data from a leading crypto insights platform has shed light on a significant development in the world of Bitcoin exchange-traded funds (ETFs). According to the latest findings, Bitcoin ETFs experienced their largest net outflows in a single day since their launch back in January.
On December 19th, as the price of Bitcoin dropped below the $100,000 mark, ETFs linked to the popular cryptocurrency saw substantial outflows totaling hundreds of millions of dollars. Market intelligence firm Spot On Chain took to social media to share this information, highlighting the notable outflows from Fidelity’s FBTC ETF, which led the pack, while BlackRock’s IBIT ETF remained relatively stable. This marked the end of a 15-day streak of inflows for Bitcoin ETFs.
Spot On Chain’s tweet read, “The US BTC ETFs just experienced their LARGEST net outflow since launch: $671.9 million. Fidelity’s FBTC led the outflows with a record $208.5 million, while BlackRock’s IBIT stayed steady with a $0 net flow. This also marked the end of a 15-day inflow streak for BTC ETFs and an 18-day streak for ETH ETFs. In the last 24 hours, BTC dropped 4.22%, and ETH fell 7.97%.”
The accompanying data visualizations provided by Spot On Chain painted a clear picture of the outflows, with a graph showing the significant movement of funds out of Bitcoin ETFs. Other ETFs that saw notable outflows included Grayscale’s GBTC, ARK Invest’s ARK 21Shares ARKB, VanEck’s HODL, and Invesco’s BTCO.
Despite the outflows, the top cryptocurrency by market cap is currently trading at $97,417, down from its recent peak of around $108,000 on December 17th. The market volatility and fluctuations in price have undoubtedly played a role in the recent outflows from Bitcoin ETFs.
As the crypto market continues to evolve and adapt to changing conditions, it is essential for investors to stay informed and monitor developments closely. For the latest updates and insights on the world of cryptocurrency, be sure to subscribe to receive email alerts and follow reputable sources on platforms like Twitter, Facebook, and Telegram.
In conclusion, the recent outflows from Bitcoin ETFs highlight the dynamic nature of the crypto market and the need for careful monitoring and analysis to navigate these fluctuations effectively. Stay informed, stay vigilant, and stay ahead of the curve in the ever-changing world of digital assets.