- Bitcoin ETFs saw $145.83M outflows Monday, $580M for the week, ending a streak of net inflows.
- Fidelity’s FBTC led with $92M in outflows Monday, $140M for the week.
- Economic factors and a hawkish Fed stance influenced investor behaviour.
Spot Bitcoin exchange-traded funds (ETFs) witnessed significant outflows totaling $145.83 million on Monday. This comes after a challenging week where these ETFs experienced $580 million in outflows, according to data from CoinShares. This marked a notable shift for the ETFs, which had been on a prolonged streak of net inflows.
Fidelity’s (FBTC) saw the largest outflows, with $92 million leaving the fund on Monday alone. FBTC, which generally attracts considerable net inflows, reported outflows of around $140 million over the previous week.
Other funds such as Ark Invest and 21Shares’ ARKB experienced net outflows of $50 million. Grayscale’s GBTC and VanEck’s HODL also recorded negative flows, each seeing around $4 million in outflows. On a more positive note, Bitwise’s BITB reported minor net inflows of $3 million, while BlackRock’s IBIT remained neutral with zero net flows.
The net outflows brought the cumulative total net inflows of spot bitcoin ETFs down to $14.96 billion, SoSoValue’s data showed. BTC ETFs in the U.S. saw their longest period of net inflows end last week.
Market Conditions Influence Investor Behavior
Read CRYPTONEWSLAND on
google news
The recent outflows from spot Bitcoin ETFs were influenced by several economic factors. A Combination of U.S. non-farm payroll and unemployment figures caused investors to show anxiety and divest from risky assets.
The Federal Open Market Committee meeting resulted in increased volatility as the Fed kept the interest rate unchanged at 5.25% to 5.50%, disappointing investors who anticipated multiple rate cuts this year. Only one rate reduction is planned for 2024.
Report from CoinShares showed that investors decreased their investment in fixed-supply assets in response to the hawkish stance of the FOMC meeting. Economic signals led to a 1% drop in the price of Bitcoin over the last day, causing it to fall from around $72,000 to $65,490.
Read Also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
