Bitcoin ETFs Record $65 Million Net Outflows, Breaking 19-Day Inflow Streak

By: Eliza Bennet

The Bitcoin market witnessed a significant shift as Bitcoin ETFs recorded net outflows of $65 million, ending a 19-day streak of inflows. Grayscale’s GBTC led the outflow trend, experiencing net outflows amounting to over $113 million across the past three days. This outflow corresponds with a dip in Bitcoin’s price, which recently fell below $67,000.

On Monday alone, Grayscale’s GBTC, one of the largest Bitcoin investment vehicles, saw $40 million in outflows. On the other hand, Bitwise’s BITB managed to attract $7.6 million in inflows, standing out amidst the broader outflow trend among Bitcoin ETFs. The net outflows signify a reversal in investor sentiment following a period of strong inflows.

The latest outflows come as market participants retreat from riskier assets, partly driven by the recent regulatory uncertainty and profit-taking from the cryptocurrency’s impressive gains earlier in the month. Market analysts are closely monitoring these movements, evaluating their potential impact on Bitcoin’s price and overall market health.

Amid these fluctuating figures, the broader cryptocurrency market continues to showcase volatility, with stakeholders waiting to see if this trend denotes a short-term correction or the onset of a more extended shift in market dynamics. For more information on cryptocurrency investments, please visit Grayscale and Bitwise Investments.