Spot Bitcoin ETFs ended a bad run of outflows yesterday recording its first positive balance sheet in four days.
The 11 Bitcoin ETFs closed the day pulling $475 million a sharp contrast from the last trading which saw the funds lose $338 million.
Seven out of the 11 Spot Bitcoin ETFs recorded transactions for the day with five inflows and two outflows.
Farside Investors UK revealed that Fidelity’s FBTC outperformed Blackrock’s IBIT pulling in $254.4 million for the day.
ARK 21 shares ARKB trailed Fidelity’s FBTC with an inflow of $186.9 million while Blackrock’s IBIT followed suit with $56.5 million in inflows.
Grayscale’s BTC and Vaneck holds pulled minimal amounts of $7.2 million and $2.7 million respectively.
Grayscale’s GBTC led the outflows for the day with $24.2 million exiting the funds while Vaneck’s Hodl witnessed $2.7 million outflow during trading hours.
The 11 spot Bitcoin ETFs pushed the cumulative total net inflow to $35.96 billion with a total value traded of $2.14 billion per Data from Sosovalue.
Bitcoin Stalls Below $100,000 for a week
Bitcoin has spent the last 7 days below the $100,000 psychological barrier level mirroring a repeat of the November bull run when the crypto asset spent the whole month surging but didn’t breach the $100,000 level.
Certain factors contribute to this price action by Bitcoin and the trend is expected to reverse from next month when Donald Trump gets into office.
Factors contributing to Bitcoin’s failure to breach the $100,000 mark include
- Federal Reserve Policies
The U.S. Federal Reserve’s decision to tighten monetary policy has significantly impacted high-risk assets like cryptocurrencies. Rising interest rates have reduced liquidity in the market, curbing investor appetite for Bitcoin and exerting downward pressure on its price. - Profit-Taking and Withdrawals
Bitcoin’s climb toward the $100,000 milestone led to a wave of profit-taking. Both short-term traders and long-term holders capitalized on the rally, withdrawing funds and causing the price to pull back. - Regulatory Ambiguity
Uncertainty surrounding cryptocurrency regulations, particularly in the United States, continues to undermine investor confidence. This lack of regulatory clarity has created headwinds for Bitcoin and added to the challenges faced by the broader crypto market. - Seasonal Volatility
December has historically been a volatile period for cryptocurrencies. The end of the year often sees heightened market corrections and portfolio rebalancing as investors prepare for the new year. This seasonal trend has further exacerbated Bitcoin’s recent price fluctuations.
Bitcoin at the time of the report is exchanging hands for $96,369 surging by only 2.5% in the last 7 days.
The asset is up 39.5% on a 60-day scale and 124.1% up since last year.
