All 10 bitcoin spot ETFs saw their biggest three-day outflow since their debut in January, as bitcoin–btc-etfs-post-largest-three-day-outflow-since-launch” target=”_blank” rel=”nofollow”>reported by Bloomberg. This change in investor sentiment comes after increased interest that propelled the market's largest cryptocurrency to a record of $73,700.
bitcoin ETFs See Record Outflows
Between Monday and Wednesday, a net total of $742 million left bitcoin ETFs, reflecting outflows from Grayscale bitcoin Trust (GBTC) and a moderation in subscriptions to similar offerings from prominent companies such as BlackRock (IBIT) and Fidelity Investments (FBTC).
According According to Bloomberg ETF expert Eric Balchunas, Grayscale bitcoin Trust has seen a notable increase in outflows. This recent event indicates a “second wind” of investment withdrawalsand a substantial $1.4 billion left the trust just this week.
Notably, these withdrawals have outpaced all other ETFs in outflows so far this year and have set a new record for cumulative outflows in ETF history, as shown in the chart above.
However, GBTC still occupies a prominent position in terms of revenue generation. It currently ranks third among the 3,400 ETFs available, demonstrating its continued financial success.
In spite of the recent departures, the overall performance of these funds remains noteworthy, with net inflows of $11.4 billion recorded since their launch, according to data compiled by Bloomberg. This marks one of the most successful debuts for an ETF category.
crypto Analyst Predicts 'Massive Rebound' for btc
bitcoin saw a significant rise of over 5% in the United States on Wednesday, boosted by signals from the Federal Reserve (Fed) hinting at potential interest rate cuts.
However, the Asian market painted a different picture on Thursday, with bitcoin losing momentum compared to continued gains in global stocks and gold. According to Bloomberg, news of bitcoin ETF exits permeated the markets, contributing to the contrasting performance.
However, renowned crypto analyst Michael van de Poppe shared a bold prediction on social media platform X (formerly Twitter). In its mailexpressed optimism about a “massive rebound” for bitcoin, suggesting the possibility of a continuation of its upward trajectory.
Van de Poppe also predicted that bitcoin could consolidate in the near term before embarking on another rally towards the all-time high it reached before the halving event, which is expected to begin sometime in April.
btc is currently trading at $66,200, reflecting a 4% increase over the past 24 hours despite continued capital outflows into the ETF market. Over longer time frames, bitcoin has shown consistent gains, with a 27% increase over the last thirty days and an impressive 136% gain so far this year.
Featured image from Shutterstock, chart from TradingView.com
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