- Data from Soso Value shows there was a $218 million net outflow from Bitcoin ETFs last Thursday.
- GBTC recorded the highest outflow, accounting for $139 million of the total outflow.
- FBTC and BRRR recorded daily net outflows for the first time.
Data from Soso Value, the leading ETF analytics platform, shows a $218 million net outflow from Bitcoin ETFs last Thursday. A report from the renowned Chinese crypto journalist Colin Wu showed that Grayscale’s GBTC accounted for $139 million of Thursday’s outflow, making it the ETF with the highest outflow in the day.
Furthermore, Wu’s report revealed that the Fidelity ETF (FBTC) had a net outflow of $22.61 million, and the Valkyrie ETF (BRRR) had a net outflow of $20.16 million. It is essential to note that Thursday’s records marked the first time FBTC and BRRR recorded daily net outflows. However, while other ETFs recorded net outflows, Franklin ETF (EZBC) was the only Bitcoin spot ETF that saw a net inflow, with a daily net inflow of $1.8745 million.
Meanwhile, two other ETFs, Ark Invest’s ARKB and Bitwise’s BITB, also recorded outflows, adding to the overall figure of the day. ARKB had a daily net outflow of $31.34 million, while BITB recorded a daily net outflow of $5.99 million, per data from Soso Value.
The notable outflows from Bitcoin ETFs on Thursday impacted Bitcoin’s price significantly. The flagship crypto experienced a 3.79% dip before mounting a recovery amid a battle between the bulls and the bears. TradingView data showed that Bitcoin dropped from a $665,286 daily high on Thursday to a low of $62,785 before rebounding to $64,493 at the close of the trading session.
The impact of yesterday’s Bitcoin ETF net outflow on BTC shows how the newly launched funds affect the Bitcoin market. Soso Value’s data shows the cumulative total net inflow across all the existing ETFs was $12.08 billion as of Thursday. That is a significant volume with a notable impact on the Bitcoin market.
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