US bitcoin ETFS Spot Market Is Bleeding, With Reports Revealed bitcoin/bitcoin-price-etf-outflows-beyond-grayscale/” rel=”nofollow noopener” target=”_blank”>Departures more than 500 million dollars in a single day. This unexpected development arises bitcoin/spot-bitcoin-etfs-outflows/” rel=”nofollow noopener” target=”_blank”>amidst broader market downturn for bitcoin, which has witnessed a series of declines over the past month.
bitcoin spot ETFs experience massive outflows
For the first time since their launch, ten bitcoin Spot ETFs in the United States have bitcoin/bitcoin-etf-outflows-btc-price/” rel=”nofollow noopener” target=”_blank”>we witness unprecedented departures. On Wednesday, May 1, bitcoin spot ETFs collectively recorded a staggering outflow of $563.7 million.
This crypto/crypto-funds-outflows-435-million/” rel=”nofollow noopener” target=”_blank”>massive sale It comes after the meeting of the Federal Open Market Committee (FOMC) that took place from April 30 to May 1, during which the president of the Federal Reserve (FED), bitcoin-volatility-comes-back-with-a-vengeance/” rel=”nofollow noopener” target=”_blank”>Jerome Powell announced the decision to maintain interest at its current levels. Despite expectations of a rate cut, the decision to keep rates unchanged quickly affected bitcoin–crypto-fed-rate-move/” rel=”nofollow noopener” target=”_blank”>btcthe pricewhich caused new falls in the pioneer cryptocurrency.
According data From Farside, a London-based investment management firm, Fidelity Wise Origin bitcoin Fund (FBTC) saw the largest outflow of $191.1 million, among the ten bitcoin Spot ETFs. This was followed by the Grayscale bitcoin Trust ETF (GBTC), which saw outflows of approximately $167.4 million.
x.com/jseyff/status/1785840339003077024?s=46″ rel=”nofollow” target=”_blank”>Recording In its first outflow since its launch in January, iShares bitcoin Trust (IBIT), managed by global asset management firm BlackRock, recorded a whopping $36.9 million in outflows. At the end of April, the IBIT also recorded zero departures for three consecutive daysending its 71-day listing streak since it began trading.
The other nine bitcoin ETFs witness substantial departures include Bitwise bitcoin ETF (IBIT), Ark 21Shares bitcoin ETF (ARKB), Invesco Galaxy bitcoin ETF (BTCO), Franklin bitcoin ETF (EZBC), Valkyrie bitcoin Fund (BRRR), VanEck bitcoin Trust (HODL), and WisdomTree bitcoin Fund (BTCW ).
Hashdex bitcoin ETF (DEFI) was the only bitcoin Spot ETF with zero flows, while Invesco and Galaxy bitcoin ETF saw the lowest outflows of around $5.4 million.
This mass exodus seen in bitcoin Spot ETFs could suggest a possible change in investor sentiment, especially following the FED announcement. However, Bloomberg ETF analyst James Seyffart x.com/jseyff/status/1785843582420541666?s=46″ rel=”nofollow” target=”_blank”>reassure that entries and exits were normal in an ETF.
btc price plummets
He bitcoin/bitcoin-crash-or-surge-fed-btfp-ends-in-5-days/” rel=”nofollow noopener” target=”_blank”>The bitcoin market is collapsing as the price of the cryptocurrency has witnessed devastating declines over the past month. Despite reaching new all-time highs of over $73,000 in March 2024, bitcoin–crypto-fed-rate-move/” rel=”nofollow noopener” target=”_blank”>btc witnessed a massive price correction following the long-awaited bitcoin/fourth-bitcoin-halving-completed/” rel=”nofollow noopener” target=”_blank”>Halving Event On April 20.
At the time of writing, the price of bitcoin is trading. btc/bitcoin-price-settles-60k/” rel=”nofollow noopener” target=”_blank”>significantly below the $60,000 support level at $57,632, according to CoinMarketCap. At the beginning of April 30, the cryptocurrency was trading slightly above $59,000, however, within days, it saw a sharp drop, marking a significant drop of 3.42% in the last 24 hours.
The cryptocurrency has also registered bitcoin/bitcoin-price-dips-below-57000-4-key-reasons/” rel=”nofollow noopener” target=”_blank”>weekly declines, experiencing a 10.42% drop in its global price. Cryptoanalyst Ali Martinez has x.com/ali_charts/status/1785745504673866190?s=46″ rel=”nofollow” target=”_blank”>He suggested that maybe it's time to btc/bitcoin-price-correction-68800/” rel=”nofollow noopener” target=”_blank”>buy the dipas bitcoin's 30-day market to realized value (MVRV) is currently down 11.6%.
x/aHCXCiEW/” alt=”Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc price recovers from dips | Source: BTCUSD on Tradingview.com
Featured image from U.Today, chart from Tradingview.com
