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US bitcoin spot ETFs (exchange-traded funds) collectively saw nearly $1.3 billion leave their reserves over the past two weeks, marking the largest outflow since April.
Around 1,298 million dollars have come out of these investment products during the last fortnight, according to data from Far Side Investors sample.
Grayscale's GBTC suffered the most, recording outflows of $517.3 million during the same period. Meanwhile, BlackRock's IBIT was the only fund to record net inflows over the past two weeks, with $43.1 million added to its reserves.
<img decoding="async" alt="bitcoin ETFs Explained: What Are They and How Do They Work? – Unchained” src=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-spot-ETFs-record-worst-capital-outflows-since-April-after”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-etfs.jpg”/>bitcoin-etfs.jpg” alt=”bitcoin ETFs Explained: What Are They and How Do They Work? – Unchained”/>
bitcoin spot ETFs suffer seventh consecutive day of outflows
US bitcoin Spot ETFs yesterday suffered its seventh consecutive day of capital outflows, after investors withdrew $174.45 million from the funds. Once again, GBTC led the attack after recording outflows of $90 million, SosoValue btc-spot”>data sample.
Fidelity's FBTC was the second biggest loser with its outflows of $35 million. Meanwhile, Franklin Templeton's EZBC posted its first negative net flows since May 2 after investors withdrew $20.8 million.
Many other bitcoin spot ETFs also recorded outflows. Bitwise's BITB, Ark Invest's ARKB and 21Shares, Invesco's BTCO and Galaxy Digital, and VanEck's HODL were among the funds that saw capital flow out of their reserves.
Meanwhile, BlackRock's IBIT as well as Valkyrie, WisdomTree and Hashdex funds recorded zero flows yesterday. None of the bitcoin spot ETFs recorded inflows during the last trading day.
Peter Schiff Says bitcoin Has Officially Entered Its Bear Market
Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, believes bitcoin has officially entered bear market territory.
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Now that twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin trading below $59,000 again, it is back in official bear market territory, down more than 20% from its all-time high. But in twitter.com/hashtag/gold?src=hash&ref_src=twsrc%5Etfw”>#gold Generally speaking, the bear market has been much fiercer, with bitcoin now dropping more than 30% in price relative to gold. The bear is still young. Look down.
—Peter Schiff (@PeterSchiff) twitter.com/PeterSchiff/status/1805338475849195610?ref_src=twsrc%5Etfw”>June 24, 2024
“Since March 14, despite buy of 11 spot bitcoin ETFs, bitcoin is down 14%,” he said in a June 21 report. x.com/PeterSchiff/status/1804136608490303760″>mail. He then compared the performance of the leading cryptocurrency to that of gold over the same period.
With the commodity up 10% since March 14, Schiff questioned whether investors who sold their gold ETF holdings to buy bitcoin ETFs are starting to realize their “mistake.”
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