CDS Crypto News Bitcoin ETFs in the US face $20 million in net withdrawals, with most funds showing no movement
Crypto News

Bitcoin ETFs in the US face $20 million in net withdrawals, with most funds showing no movement

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Bitcoin ETFs in the US face $20 million in net withdrawals, with most funds showing no movement

Bitcoin ETFs- US spot Bitcoin ETFs report $20 million in net outflows, while other funds remain static

Bitcoin ETFs– On Wednesday, the 11 spot Bitcoin exchange-traded funds (ETFs) in the U.S. saw a combined net outflow of $20.45 million. Out of these, only two funds had any net flows, while the rest recorded no movement at all.

Grayscale’s GBTC reported net outflows of $26.99 million, but this was somewhat offset by $6.55 million in net inflows to Fidelity’s FBTC, according to data from SoSoValue. The other nine ETFs, including BlackRock’s IBIT, saw no activity.

In terms of trading volume, these 11 Bitcoin funds collectively handled around $800 million on Wednesday, down from $995 million on Tuesday. This recent volume is much lower compared to March, when daily trading volume ranged from eight to ten billion dollars. Since their inception in January, these ETFs have accumulated a total net inflow of $14.62 billion.

A net outflow of $20 million hits US spot Bitcoin ETFs, with most other funds seeing zero inflows or outflows

Bitcoin’s price dropped 3% in the past 24 hours, settling at $58,903 at the time of writing, while the entire crypto market is down 3.5%, according to The Block’s price page.

In the meantime, U.S. issuers are still waiting for final approval from the Securities and Exchange Commission (SEC) for spot Ethereum ETFs. The SEC approved 19b-4 forms for eight spot Ethereum ETFs on May 23, and issuers have since submitted amended S-1 registrations for review.

Bloomberg ETF analyst James Seyffart mentioned on X that we might see spot Ether funds listed later next week or by the week of July 15th.

FAQs

What are Bitcoin ETFs?

Bitcoin ETFs (Exchange-Traded Funds) are investment funds that track the price of Bitcoin and trade on traditional stock exchanges, allowing investors to gain exposure to Bitcoin without directly buying the cryptocurrency.

Why did Bitcoin ETFs in the US face $20 million in net withdrawals?

The $20 million in net withdrawals from Bitcoin ETFs could be due to a variety of factors, including market volatility, profit-taking by investors, or concerns over regulatory developments and the broader economic environment.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Bitcoin ETFs in the US face $20 million in net withdrawals, with most funds showing no movement

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