BlackRock Bitcoin: ETF Capital Outflows Reached $2 Billion in Nine Trading Days
On Wednesday, the outflow of funds from US spot Bitcoin ETF approached $300 million, higher than the previous day's $95 million; the net outflow over the previous five trading days has reached $1.44 billion.
According to the data from Farside Investors, the spot Bitcoin exchange-traded funds (ETFs) under BlackRock – namely ETF and Bitcoin Trust (which includes IBIT) – have recorded net outflows of over $2 billion for nine consecutive trading days as of Wednesday.
On Wednesday, investors withdrew a net amount of $269.7 million from IBIT, which accounted for approximately 90% of the total net outflow of about $300 million in US spot Bitcoin ETF on that day.
Grayscale's Bitcoin Trust ETF ( GBTC ) recorded a net outflow of $39.1 million, while Morgan Stanley Bitcoin Trust ETF ( MSBT ) recorded a net inflow of $9 million.
US spot Bitcoin ETF saw a total net outflow of nearly $1.44 billion over five consecutive trading days. The outflow on Wednesday increased in scale, following a slowdown in outflows during the previous three consecutive trading days.
Cryptocurrency exchange Bitfinex stated on Wednesday that the slowdown in ETF outflows may be an early sign of a market bottom, but this alone is not sufficient to confirm that the market has recovered.
Bitfinex found that during the period of consecutive declines in the ETF that they studied earlier this year, if that period ended with at least three consecutive trading days of net inflows, Bitcoin's median increase over the following 10 trading days was 6.4%.
According to CoinGecko data, at the time of writing this article, Bitcoin was trading around $73,000, having fallen by 8.5% over the past week.
In a note sent on Wednesday to Cointelegraph, the derivatives trading desk of Laser Digital pointed out that weak spot demand, a continuous negative premium for Coinbase, and large-scale liquidation of leveraged long positions were all contributing factors to the downturn.
This trading desk indicates that although NASDAQ rebounded by nearly 3% on Monday, Bitcoin barely rose at all on that day.
Relevant: Despite a rebound in U.S. Treasury yields and a rise in the stock market, Bitcoin remains hovering around $74,000.
