The 11 Spot Bitcoin ETFs recorded an outflow of $84.3 million from four of the existing ETF products. Despite the Outflow, Bitcoin ETFs closed the day with a positive balance thanks to a heavy inflow from Blackrock’s IBIT.
Bitcoin ETFs ended the day pulling in $275.3 million with significant outflows from four of the existing Bitcoin ETFs
Farside Investors UK Data revealed that Grayscales’s GBTC, Investco BTCO, and Bitwise BITB recorded outflows of $35.9 million, $25.2 million, and $16.6 million respectively.
Ark invests ARKB recorded the least outflow for the day with $6.6 million leaving the funds.
Blackrok’s IBIT recorded the only inflow for the day pulling in $359.6 million. This was enough to offset the outflows recorded by four ETF products.
Cumulative Total net inflows for the 11 Bitcoin ETFs hit $37.01 billion yesterday with the total value traded hitting $5.86 billion per data from Sosovalue.
Blackrock’s IBIT remains the largest Bitcoin ETF by volume of inflow. IBIT has pulled in over $1.5 billion this week alone accounting for over 50% of all inflows on the Bitcoin ETFs.
Bitcoin Price Analysis
Bitcoin dropped below $100,000 following announcements from FOMC Chairman Jerome Powell. The Committee Chairman announced fresh data on Federal Funding rate cuts while stating that the Central Bank cannot hold Bitcoin.
His comment on the Central Bank being unable to hold Bitcoin and approval for that being up to Congress caused a stir in the crypto community.
The comment cast a shadow on the proposed Bitcoin reserve touted by Donald Trump during the election cycle.
Bitcoin reacted slightly to the new FOMC data deeping below $100,000. At the time of the report, the crypto asset has recovered to $102,406 still down by 2.4% on a 24-hour scale.
