tl;dr
Recent data from Farside Investors shows a net outflow of $146 million from the US Bitcoin spot ETF market, signaling a shift in investor sentiment. This marks the third consecutive day of negative net inflow. Nine out of the ten US Bitcoin ETFs, including BlackRock (IBIT) and Grayscale (GBTC), repo...
Recent data from Farside Investors shows a net outflow of $146 million from the US Bitcoin spot ETF market, signaling a shift in investor sentiment. This marks the third consecutive day of negative net inflow. Nine out of the ten US Bitcoin ETFs, including BlackRock (IBIT) and Grayscale (GBTC), reported zero or negative single-day flow. The cumulative total net inflow after 109 trading days dropped to below $15 billion, impacting the downturn in Bitcoin price.
The detailed breakdown of ETF outflows reveals that Fidelity Wise Origin Bitcoin Fund (FBTC) experienced the highest outflows at $92 million, followed by ARK 21Shares Bitcoin ETF (ARKB) with $50 million. Bitcoin's current price stands at $65,567.92, with a 24-hour trading volume of $36.6 billion and a -0.67% price decline in the last 24 hours. The market cap is valued at $1.2 trillion, while BTC remains below the 50-day EMA but above the 200-day EMA, indicating a bearish near-term but bullish longer-term price trend.
Recent monitoring data from Farside Investors revealed a substantial net outflow of $146 million from the US Bitcoin spot ETF market yesterday. This significant movement indicates a shifting sentiment among investors. The net inflow has been negative for 3 consecutive days. Also 9 out of the 10 US Bitcoin ETFs, including both BlackRock (IBIT) and Grayscale (GBTC), experienced zero or negative single-day flow. According to data spot on chain, the cumulative total net inflow after 109 trading days dropped to below $15B. In a way, the downturn in bitcoin price has seemed to have been attributed to this market dynamic.
DETAILED BREAKDOWN OF ETF OUTFLOWSThe net outflow of US Bitcoin spot ETFs amounted to $145.9 million yesterday. Fidelity Wise Origin Bitcoin Fund (FBTC) experienced the highest outflows, with a net outflow of $92 million, highlighting a significant shift in investor behavior towards this fund. ARK 21Shares Bitcoin ETF (ARKB) followed with net outflows of $50.0 million, while VanEck Bitcoin Trust (HODL) and Grayscale Bitcoin Trust (GBTC) reported net outflows of $3.8 million and $3.0 million, respectively. Invesco Galaxy Bitcoin ETF (BTCO) had net outflows of $2.9 million. Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market registered total net outflows of $145.9 million.
This development shows varying investor sentiments towards different Bitcoin ETFs in a volatile market, especially during a period of declining prices. However, some ETFs, including IBIT, BTCO, EZBC, BRRR, BTCW, and DEFI, reported zero net inflows, indicating a neutral stance among investors.
BITCOIN PRICE TRENDS AND MARKET IMPLICATIONSThe price of Bitcoin (BTC) stands at $65,567.92 today, with a 24-hour trading volume of $36.6 billion. This marks a -0.67% price decline in the last 24 hours and a -3.50% decline over the past 7 days. With a circulating supply of 20 million BTC, Bitcoin’s market cap is valued at $1.2 trillion. Currently, BTC remains below the 50-day EMA while holding above the 200-day EMA, confirming a bearish near-term but bullish longer-term price trend. A BTC break above the 50-day EMA could give the bulls a chance to reach the $69,000 resistance level, and a breakout from this level could signal a move toward the $73,808 all-time high. Investors should pay attention to US retail sales figures, FOMC Member chatter, and US BTC-spot ETF market flow trends, as these factors could influence market dynamics. Bitcoin bulls are navigating a risky crossroads that may lead to a rebound to $70,000 or an extended pullback to $60,000. Annihilating the support around $65,000 would leave BTC defenseless against a strengthening bearish front, highlighting the critical nature of the current price levels.
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