Bitcoin Spot ETFs See Third Consecutive Day of Outflows
Bitcoin spot ETFs saw a net outflow of $261.6 million (over 3,900 BTC) yesterday, marking the third consecutive day of outflows. This follows a significant outflow from Grayscale's $GBTC, totaling over $13.2 billion (around 262,000 BTC) since its conversion to a spot ETF. Despite this, $GBTC maintains the third-highest annual trading volume among ETFs.
Yesterday's outflow was notably lower than the previous day's record high. This week alone, around $1.4 billion has left Grayscale's $GBTC. Meanwhile, BTC's price recovered significantly due to the US Federal Reserve's interest rate decision and subsequent press conference. Despite the outflows, Bitcoin spot ETFs continue to attract interest, as indicated by $GBTC's high trading volume.
An interesting observation is the lack of a specific author covering both Bitcoin ETFs and the social and environmental aspects of Bitcoin mining in the provided search results. This suggests a gap in the market for journalists specializing in these interconnected topics.
Bitcoin spot ETFs have experienced net outflows for three consecutive days, with yesterday's outflow being less than the previous day's record. Despite significant outflows from Grayscale's $GBTC, it remains one of the most actively traded ETFs. BTC's price recovered due to positive signals from the US Federal Reserve. Further analysis is needed to understand the reasons behind the recent outflows and their potential impact on the market.
Read also:
- Electric-powered vessels take to the waters of Maine
- Elon Musk accused by Sam Altman of exploiting X for personal gain
- Comparing the value of top electric scooters: Kinetic DX versus Bajaj Chetak versus TVS iQube - Which one offers the best bang for the buck?
- American Eagle's risque promotional effort featuring Sydney Sweeney leads to the brand being categorized as a 'trendy stock' among teenagers.
