Bitcoin ETFs Experience $4.4 Billion Outflows Amid Price Decline
Bitcoin ETFs bleed $4.4B as outflow run extends to 13 trading days
Image: Cointelegraph
Bitcoin's price has dropped to approximately $63,400, marking a 21% decline since May 15. The downturn is attributed to a 13-day streak of outflows totaling $4.4 billion from Bitcoin ETFs, primarily driven by BlackRock's iShares Bitcoin Trust, which accounted for about $3.3 billion of the withdrawals.
- 01Since May 15, Bitcoin's price has decreased by 21%, falling from around $80,000 to $63,400.
- 02BlackRock's iShares Bitcoin Trust (IBIT) faced the largest outflows, totaling approximately $3.3 billion, which is 75% of the total withdrawals.
- 03Over the past month, US spot Bitcoin ETFs have experienced nearly $5 billion in outflows, equating to 51,726 BTC.
- 04Market analysts suggest that the selling pressure may be due to a combination of weakening ETF demand, long-term holder selling, and miner activity.
- 05Despite the outflows, some experts believe Bitcoin ETF holdings have shown stability since February, indicating potential resilience in the market.
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Bitcoin's price has recently dipped below $63,400, a significant decline of 21% since May 15, when it was around $80,000. This downturn coincides with a 13-day streak of outflows from Bitcoin exchange-traded funds (ETFs), totaling approximately $4.4 billion. The bulk of these outflows came from BlackRock's iShares Bitcoin Trust (IBIT), which alone accounted for about $3.3 billion, representing roughly 75% of the total withdrawals. Other notable contributors include Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC) with $456.6 million and Grayscale’s Grayscale Bitcoin Trust ETF (GBTC) with $303.6 million. Analysts attribute the price drop and outflows to several factors, including weakening demand for ETFs, selling by long-term holders, and pressure from miners. Despite these challenges, some experts, like Geoffrey Kendrick from Standard Chartered, suggest that ETF holdings have remained stable since February, indicating a level of structural resilience in the market.
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The significant outflows from Bitcoin ETFs and the corresponding price drop may affect investor sentiment and market stability.
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