Bitcoin Spot ETFs Record Outflows 3 Days In A Row
- Patricia ArquetteOriginal
- 2024-10-12 07:12:21477browse
In a worrying development, the Spot Bitcoin ETFs have witnessed another day of negative outflow, recording losses worth millions of dollars following Thursday's trading day, suggesting a decline in adoption at both the retail and institutional level.
Bitcoin Spot ETFs suffered three consecutive days of outflows
Bitcoin spot ETFs experienced net outflows on Thursday, with losses amounting to millions of dollars, according to data from London-based investment management firm Farside Investors. This comes after the product recorded outflows of $30.6 million on Wednesday and $18.6 million on Tuesday.
Affected by Bitcoin price fluctuations, investor funds continue to flow out, indicating continued concerns about the cryptocurrency market. Furthermore, it also shows that investor confidence in BTC’s potential for price appreciation in the short term is waning, despite high expectations following the launch of these funds earlier this year.
Notably, the outflows come after the fund recorded more than $235.2 million in net inflows on Monday, which could be attributed to a broad-based recovery in the broader market. However, as Bitcoin prices fell on Tuesday, the exchange-traded fund experienced significant outflows, signaling investor caution.
This negative trend was also observed in the broader spot ETF space, as the Ethereum spot ETF also saw significant outflows at the same time as Bitcoin.
Bitcoin whales continue to hoard assets
While spot Bitcoin ETFs have continued to post huge losses over the past few days, reports suggest whales are still accumulating crypto assets, suggesting they are confident in the coming bull run. Current trends suggest that large holders have been acquiring BTC with the aim of cashing in on the coin’s long-term growth.
Negentropic, a crypto expert and trader shared this update on the X platform. According to the expert, whales are still keen to acquire Bitcoin despite the unexpected rise in US inflation data.
He also mentioned that both long-term holders and whales continue to accumulate Bitcoin, while short-term holders are also beginning to recover as exchange trading volumes decline. As a result, Negentropic concluded that it is “confident in Bitcoin’s mid- to long-term performance.”
The above is the detailed content of Bitcoin Spot ETFs Record Outflows 3 Days In A Row. For more information, please follow other related articles on the PHP Chinese website!