Hold onto your digital wallets, folks, because the Bitcoin ETF scene in the U.S. has been on a wild ride lately! Imagine a roller coaster with a steep drop, and you’ve got the picture. Since February 10, in a span of just 12 trading days, we've seen a shocking $3.6 billion in outflows from spot Bitcoin ETFs, while inflows barely reached $66 million. That's like a leaky bucket where the faucet's barely dripping, but the bottom's falling out!
Investors have been showing Bitcoin ETFs the door with massive withdrawals, especially when the cryptocurrency hasn’t been doing much to dazzle or daze investors. According to the latest scoop from Farside Investors, the market saw its biggest-ever outflow day on February 25. Initially, it seemed $938 million had been withdrawn, but new updates revealed a jaw-dropping figure of over $1.138 billion. Talk about making an exit with flair!
The biggest culprits in this exodus? BlackRock's IBIT set a new record for itself, with a whopping $418 million pulled out on February 26. That’s like breaking your own high score, but in reverse! Meanwhile, other players like Ark Invest’s ARKB and CoinShares Valkyrie’s BRRR saw significant withdrawals too, with the latter jumping from $25.2 million to a cool $100 million.
Not to be left out, Grayscale’s Bitcoin Mini Trust ETF (BTC) also faced the music with $85.8 million in outflows. Meanwhile, VanEck’s HODL had the quietest retreat, with a comparatively modest $10 million in withdrawals.
The week hasn’t been kind to Bitcoin’s price either, as these outflows dragged the cryptocurrency below $83,000 for the first time in over three months. Although it’s been trying to claw its way back, hovering around $85,570, it’s safe to say Bitcoin’s had better weeks.
So, whether you’re a crypto enthusiast watching from the sidelines or an investor clutching your digital assets, one thing's for sure: the Bitcoin ETF market is anything but boring right now!
