BTC ETFs See $226.2 Million in Net Outflows in a Single Day as Bitcoin Struggles to Rise in Price

Presently, the ETFs have seen net withdrawals amounting to $564 million over the past three days despite Wednesday observing inflows.

Bitcoin (BTC) exchange-traded fund (ETFs) saw a net outflow of $226.2 million on Thursday as the primary cryptocurrency continues to falter in its attempt to rise in price. The outflows from the regulated financial products come as BTC’s price slid from highs of $70,000 to lows of $68,000.

The outflows from the ETFs are reminiscent of what occurred at the end of April, where over $1.2 billion moved out of the BTC ETFs over six days. Presently, the ETFs have seen a net withdrawal of $564 million over the past three days, with Wednesday being the only day observing inflows. The net outflows in the following days could match April’s six-day outflows of over a billion.

Of the five BTC ETFs, Fidelity’s (NYSE: F) Gray Bitcoin Trust (OTC: GBTC) saw the highest outflows at $106 million, followed by Grayscale’s (OTC: GBTC) GBTC with $62 million, and ARK Invest’s (NYSE: ARKF) ARKB with $53 million. IBIT, BlackRock’s (NYSE: BLK) fund, was the only product to record a net positive, seeing inflows of $18 million and maintaining a 44-day streak of observing net gains in funds. Other ETF providers did not exhibit any outflows or inflows.

The outflows come as BTC’s price continues to falter in its attempt to gain momentum. While Wednesday was an isolated day that saw any inflows this week, with ETFs gaining about $100 million that day, the outflows quickly followed as the U.S. Federal Reserve released its inflation report. The report stated that inflation rates were much lower than what was expected, exciting the market and causing BTC to rise from $68,000 to highs of $70,000 before falling back below the price it rose from.

Despite the brief spike on Wednesday, BTC has struggled to gain any momentum over the past week. The asset has been down since the U.S. government released its non-farm payroll numbers, which showcased the addition of 272,000 new jobs and led to a massive selloff that saw the liquidation of $450 million in BTC.

The ETF outflows are a result of BTC’s bearish trends over the past week, with investors looking to get their funds out of the products quickly before the asset dips further. Experts also feel that the withdrawals come as the news of the ETH ETFs getting approved by this summer broke out. A chunk of the investors having their funds in BTC ETFs may want to move them to ETH ETFs when released, hence liquidating their BTC ETF positions the day the news about ETH ETFs broke out.

News source：https://www.kdj.com/cryptocurrencies-news/articles/btc-etfs-net-outflows-single-day-bitcoin-struggles-rise-price.html

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