Grayscale Bitcoin Trust ETF outflows exceed $21B in under 12 months
The Grayscale Bitcoin Trust has had $21 billion in outflows since January, overshadowing gains from the nine new US-based spot Bitcoin ETFs in the market.
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The Grayscale Bitcoin Trust has had $21 billion in outflows since January, overshadowing gains from the nine new US-based spot Bitcoin ETFs in the market.
Onchain data reveals that ETF flows haven’t been the primary causes of sell pressure for Bitcoin.
Spot Bitcoin ETFs saw their steepest single day of outflows since Trump’s election win, signaling market jitters.
Bitcoin’s price action has historically benefited from economic concerns and issues in the banking industry.
MicroStrategy saw more trading volumes than the US spot Bitcoin ETFs combined as its shares tanked over 25% on Nov. 21.
Spot Bitcoin ETFs will need to make an average of $301 million in net inflows per day to get it done this week.
BlackRock’s Bitcoin fund carried over to the rest of the United States spot Bitcoin ETFs, which recorded a net inflow of $294 million on Oct. […]
Despite the record European inflows, Bitcoin price has been unable to recover above the $70,000 psychological level since July.
Despite this week’s Bitcoin price sell-off, the rally to $68,000 put short-term traders back in profit and onchain metrics remain bullish.
Bitcoin’s price surged to a new one-month high near $67,000 as a variety of bullish factors converged to push cryptocurrencies higher.
