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BlackRock’s bitcoin Spot ETF (exchange-traded fund) yesterday recorded its first net outflow since May 1, as all 12 btc funds extended their negative flow streak to 3 days and the leading cryptocurrency fell below $60,000.
BlackRock's IBIT, which is the largest spot bitcoin ETFs by net assets recorded net outflows of $13.51 million on Aug. 29, according to btc-spot”>data from SosoValue.
<img decoding="async" alt="SEC Accepts Blackrock’s bitcoin ETF Application – bitcoin News” src=”https://static.news.bitcoin.com/wp-content/uploads/2023/07/blackrock-bitcoin-etf.jpg”/><img decoding="async" src="https://static.news.bitcoin.com/wp-content/uploads/2023/07/blackrock-bitcoin-etf.jpg” alt=”SEC Accepts Blackrock’s bitcoin ETF Application – bitcoin News”/>
ARKB, the only bitcoin ETF that saw net inflows yesterday
Capital continued to flow out of Grayscale’s GBTC after $22.86 million left the fund’s reserves on Aug. 29. Similarly, Fidelity’s FBTC saw net outflows of $31.11 million, while Bitwise’s BITB and Valkyrie’s BRRR saw respective outflows of $8.09 million and $1.68 million.
The only place bitcoin ETF The fund that saw net inflows yesterday was 21Shares' Ark and ARKB, after investors poured $5.34 million into the fund.
In addition to net outflows, funds also saw their collective trading volumes fall. The data shows that trading activity across the 12 funds fell to $1.64 billion. This was down from $2.18 billion recorded the previous day.
bitcoin drops below $60,000 and analyst predicts bullish movement after PCE release
Over the past 24 hours, the price of bitcoin bitcoin/”>abandonment Below the psychological $60,000 mark, it is trading at $59,457.09 as of 7:17 am EST. Despite this recent pullback, there is still a chance that the leading cryptocurrency will start to rise soon, according to renowned trader and analyst Michael van de Poppe.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”10.452″>
twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin It continues to act between crucial levels.
However, I suspect we will continue to rise after today's PCE data.
The crucial level to break to the upside is $61K. image.twitter.com/fJDbjycZ3q
—Michaël van de Poppe (@CryptoMichNL) twitter.com/CryptoMichNL/status/1829428852743180342?ref_src=twsrc%5Etfw”>August 30, 2024
In an August 30 x post, van de Poppe said that btc “continues to act between crucial levels.” Following the release of today’s Personal Consumption Expenditures (PCE) data, he believes that bitcoin will start to “rise.” He also highlighted the $61K price point as a key barrier that the cryptocurrency will need to overcome for a sustained upward move.
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