BlackRock’s Bitcoin ETF Experiences Initial Outflows as BTC Price Drops: Crypto Market Analysis
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- The US spot Bitcoin exchange-traded funds (ETFs) have seen a six-day period of outflows, with BlackRock’s IBIT ETF experiencing its first outflows.
- This trend coincides with bitcoin’s challenging month, marked by an 11% decline over the week.
- Despite the outflows and market downturn, experts maintain that spot Bitcoin ETFs are operating smoothly.
US spot Bitcoin ETFs have seen a six-day period of outflows, coinciding with a challenging month for bitcoin. Despite the downturn, experts maintain that the ETFs are operating smoothly.
Record Breaking Outflows and Market Downturn
BlackRock’s Bitcoin fund saw its first $36.9 million outflow on May 1st, with nine other ETFs collectively recording a $526.8 million outflow on the same day. The largest outflow was observed in the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw $191.1 million in net outflows. Grayscale Bitcoin Trust (GBTC) foll... Read the full article for FREE at COINOTAG!
