US Bitcoin ETF ends six weeks of positive drama, leaking $157 million – Details
Over the past few days, capital inflows into the U.S. spot Bitcoin ETF (exchange trade funds), reflecting the current momentum in the cryptocurrency market. Over the past few days, investors appear to be cautiously approaching the world’s largest cryptocurrency market and other risky assets as global trade tensions resurface.
According to the latest market data, spot Bitcoin ETFs experienced more than $157 million in net outflows in the last trading week. The latest round of net capital withdrawals suggests a decline in demand for financial products connected to cryptocurrencies, as well as returns on negative sentiment among U.S. investors.
BlackRock’s IBIT ends a month-long positive inflow
On Friday, May 30, funds traded by Bitcoin exchange recorded a daily net outflow of $616.22 million. Data from Sosovalue shows that the $616.22 withdrawal on Friday marked $358.6 million in fund flows on Thursday, May 29, the second outflow of the U.S. Bitcoin ETF.
Leading the week is BlackRock’s IBIT (the largest BTC exchange-traded fund net assets) with a total daily net outflow of $430.82 million. The performance on Friday won the longest inflow to date (34 days of capital influx), despite zero networking being zero three days.
Meanwhile, the ARK 21Shares Bitcoin ETF (with stock ARKB) ranked second, with a cumulative daily outflow of $120.14 million on Friday. The bitcoin ETF (BITB), the grey Bitcoin Mini Trust (BTC) and the Fidelity Wise Origin Bitcoin Fund (FBTC) are the only other U.S.-based Bitcoin ETFs that recorded any activity on the day, recording $35.33 million, $16.22 million, $16.22 million, $13.711 million, respectively, and $13.711 million, respectively.
Source: SoSoValue
The performance of exchange of trade funds pushed the ETF’s weekly record toward negative territory during the last two trading days of the week. As mentioned earlier, the U.S. Bitcoin ETF market has had a total net outflow of more than $157 million in the past week, ending the six-week positive capital influx (more than $9 billion inflows).
Bitcoin Price and Spot ETF
As shown in the past, there is no doubt that there is a direct relationship between the price of spot Bitcoin ETFs and BTC based in the United States. Capital flows of financial products slowed down as the Prime Minister cryptocurrency moved away from the all-time high price of $111,871 that he recently received.
At the time of writing, BTC is priced at about $104,424, reflecting 0.4% of the past 24 hours. According to Coingecko, flagship cryptocurrencies have lost nearly 3% of their value in the past seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured images from Istock, charts for TradingView
Editing process For Bitcoin experts, focus on thorough research, accurate and impartial content. We adhere to strict procurement standards and each page is diligently evaluated by our top technical experts and experienced editorial team. This process ensures the integrity, relevance and value of our content to our readers.
