US Bitcoin ETFs Report Net Outflows for Third Consecutive Day Amid Halving Anticipation
Summary:
Bitcoin (BTC) exchange-traded funds (ETFs) in the United States have experienced three consecutive days of net outflows, totaling $742 million, according to Farside Investors data. The Grayscale Bitcoin Trust (GBTC) and the Invesco Galaxy Bitcoin ETF (BTCO) were mainly impacted, while small inflows were reported from other approved ETFs. Meanwhile, Bitcoin's value increased by over 3% during U.S. trading hours. The crypto coin is currently in a downward trend as anticipation for the upcoming halving of the blockchain mounts.
Bitcoin (BTC) exchange-traded funds (ETFs) in the United States have seen a stark reduction in net inflows for the past three days, with an outflow of $261.5 million noted across the ten sanctioned funds on March 20. The consecutive three-day outflows have totaled $742 million, with March 18 and March 19 witnessing individual outflows of $154.3 million and $326.2 million, according to data from Farside Investors. The foremost cause of this reduction was another substantial withdrawal from the Grayscale Bitcoin Trust (GBTC), which lost $386.6 million, while the Invesco Galaxy Bitcoin ETF (BTCO) saw a decrease of $10.2 million. Such outflows overshadowed the minor inflows from the rest eight sanctioned ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) experienced its second-to-worst ever net inflow day at $49.3 million, minute $4 million higher than its lowest ever on Feb. 6, and Fidelity Wise Origin Bitcoin Fund (FBTC) recorded a similar near-to-worst inflow day at $12.9 million. As a point of interest, March 20 counts as the second-worst day in terms of outflow, only exceeded by March 19, when $326.2 million was pulled from the funds. Bitcoin, meanwhile, noted more than a 3% increase during the U.S. trading hours and saw a 24-hour growth of 7.5% to trade at $66,838, as reported by Cointelegraph Markets Pro. During the 24-hour span, Bitcoin dipped to just under $60,900. Over the past week, BTC has had a downward trend since its peak on March 14, as anticipation builds for the halving of the blockchain - a phenomena that reduces mining rewards by half and is now headed into its final month. As CoinMarketCap data suggests, historically, BTC has often shown a dip prior to the halving, and the current pattern reflects this historical trend.
Published At
3/21/2024 8:03:54 AM
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