Reported 7 months ago
Flows into spot bitcoin ETFs have turned negative recently as the price of the cryptocurrency dropped, leading to over $300 million in outflows for the week. Notably, Grayscale Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) saw significant outflows, while BlackRock Bitcoin Trust (IBIT) received only mild interest with $38 million in inflows. The price drop is attributed to miners selling holdings to improve balance sheets and profit-taking among large investors. Despite recent outflows, spot bitcoin ETFs recorded high inflows of $886 million on June 4, indicating fluctuating investor interest in the cryptocurrency market.
Source: YAHOO