US-listed Bitcoin exchange-traded funds (ETFs) experienced a significant outflow of $226 million on Thursday, with Fidelity’s FBTC leading the pack with a $106 million withdrawal. This marks the third day of outflows this week, echoing a similar trend seen at the end of April.
Key Takeaways
- US-listed Bitcoin ETFs saw $226 million in outflows on Thursday.
- Fidelity’s FBTC recorded the highest outflow at $106 million.
- Grayscale’s GBTC and Ark Invest’s ARKB also saw significant withdrawals.
- BlackRock’s IBIT was the only ETF to record a net inflow.
- The total outflows for the week amount to $564 million.
Detailed Breakdown
On Thursday, US-listed Bitcoin ETFs posted over $226 million in net outflows, marking the third consecutive day of withdrawals this week. This trend is reminiscent of the outflows that occurred at the end of April, where $1.2 billion was withdrawn over six days.
Fidelity’s FBTC led the outflows with $106 million withdrawn, according to preliminary data from SoSoValue. Grayscale’s GBTC followed with $62 million in outflows, and Ark Invest’s ARKB saw $53 million taken out. In contrast, BlackRock’s IBIT recorded a net inflow of $18 million, while ETFs offered by Valkyrie, Franklin Templeton, Hashdex, and WisdomTree showed no inflow or outflow activity.
Market Context
The activity comes amid a generally volatile week for Bitcoin and the broader crypto market. Wednesday was the only day this week that registered a net inflow for these US-listed products, adding $100 million on the day. This volatility was centered around Wednesday’s key US inflation report and a Federal Reserve meeting.
US inflation came in lower than expected, briefly boosting Bitcoin prices to $70,000 from $68,000 before tumbling back under $67,000 as traders likely took profits on the move. The withdrawals bring the net amount taken out of the exchange-traded funds to $564 million in three days.
Implications
The significant outflows from Bitcoin ETFs highlight the ongoing volatility and investor sentiment in the cryptocurrency market. The data suggests that while there is still interest in Bitcoin, external factors such as inflation reports and Federal Reserve meetings can heavily influence market behavior.
Conclusion
The recent outflows from US-listed Bitcoin ETFs underscore the market’s sensitivity to economic indicators and regulatory developments. As the cryptocurrency market continues to evolve, investors should remain vigilant and informed about the factors that can impact their investments.
