Investors Withdraw Significant Funds from Spot Bitcoin ETFs
NEWS:Â Investors Withdraw Significant Funds from Spot Bitcoin ETFs
According to data provided by SoSoValue, there was a net outflow of $89.73 million from spot Bitcoin ETFs on the last trading day of the week, August 9. The outflows from spot ETFs followed the largest cryptocurrencyâs rapid recovery from $48,800 on Monday to above the $60,000 threshold, causing the upward trend to pause.
Grayscaleâs Spot ETF Leads with $76.99 Million Outflow
Grayscaleâs flagship ETF, GBTC (Grayscale Bitcoin Trust), led the outflows with $76.99 million. This outflow from GBTC constitutes a significant portion of the total net outflows from spot Bitcoin ETFs. The primary reason for this is attributed to investorsâ continued tendency to distance themselves from Grayscaleâs product or to take profits.
Investors Withdraw Significant Funds from Spot Bitcoin ETFs
Table of Contents
Grayscaleâs Spot ETF Leads with $76.99 Million Outflow
BlackRockâs Spot Bitcoin ETF IBIT Sees Continued Inflows
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According to data provided by SoSoValue, there was a net outflow of $89.73 million from spot Bitcoin ETFs on the last trading day of the week, August 9. The outflows from spot ETFs followed the largest cryptocurrencyâs rapid recovery from $48,800 on Monday to above the $60,000 threshold, causing the upward trend to pause.
Grayscaleâs Spot ETF Leads with $76.99 Million Outflow
Grayscaleâs flagship ETF, GBTC (Grayscale Bitcoin Trust), led the outflows with $76.99 million. This outflow from GBTC constitutes a significant portion of the total net outflows from spot Bitcoin ETFs. The primary reason for this is attributed to investorsâ continued tendency to distance themselves from Grayscaleâs product or to take profits.
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It is known that GBTC was a preferred investment vehicle for institutional and individual investors wanting indirect exposure to Bitcoin for a long time, but it was converted to a spot ETF on January 10, 2024, following the SECâs approval.
In contrast, Grayscaleâs mini spot Bitcoin ETF, BTC, saw an inflow of $15.61 million. This indicates that some investors are leaning towards a smaller-scale and possibly more flexible investment vehicle. Grayscaleâs mini ETF offers investors access to Bitcoin with lower transaction fees.
Fidelityâs spot Bitcoin ETF, FBTC, ranked second with a $19.85 million outflow, followed by Bitwiseâs spot Bitcoin ETF, BITB, with an $18.14 million outflow.
BlackRockâs Spot Bitcoin ETF IBIT Sees Continued Inflows
On the other hand, BlackRockâs spot Bitcoin ETF, IBIT, saw an inflow of $9.65 million. The interest in BlackRockâs spot ETF particularly highlights the continued attraction of institutional investors to the fund.
BlackRock is currently the largest issuer of spot Bitcoin ETFs by the amount of BTC held in its fund, continuously increasing its influence on the cryptocurrency market.
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