An analysis by SoSoValue revealed that Bitcoin spot exchange-traded funds (ETFs) witnessed a significant net outflow totaling $218 million yesterday.
Bitcoin Spot ETFs Experience $218 Million Net Outflow
Among notable outflows, Grayscale's Bitcoin Trust ETF (GBTC) saw the largest net outflow at $139 million. This significant fund movement marks a significant divestment from GBTC assets in the market.
Additionally, Fidelity's Bitcoin ETF (FBTC) recorded a net outflow of $22.61 million, while Valkyrie's Bitcoin Strategy ETF (BRRR) experienced a net outflow of $20.16 million.
While this is the first instance where both FBTC and BRRR have observed net outflows, this indicates a shift in investor sentiment towards ETFs.
Contrary to the general outflow trend, Franklin's Bitcoin ETF (EZBC) emerged as an exception, recording a net inflow of $1.8745 million.
There was no purchase or sale from Blackrock.
The significant net outflow observed across various Bitcoin spot ETFs underscores a notable trend in the market and suggests that investors are actively reallocating their holdings in the cryptocurrency space.
As ETFs continue to play a significant role in both institutional and individual investors' exposure to Bitcoin, tracking these fund flows provides valuable insight into investor behavior and market dynamics.
*This is not investment advice.