Crypto News – The largest day of withdrawals for the fund since it was converted to a spot ETF on January 11 occurred on March 18, when more than $640 million worth of Bitcoin left crypto asset management Grayscale‘s spot Bitcoin ETF.
ETF Negative Flows: GBTC Outflows $642 Million in One Day
Meanwhile, according to data from Farside Investors, inflows into the second-largest fund, Fidelity’s Bitcoin ETF, fell to just $5.9 million on the day, the lowest amount ever. Both resulted in a $154.3 million net outflow for spot Bitcoin ETFs.
Bitcoin’s price is now trading at $63,101 as of this writing, down from its most recent all-time high of $73,797 that it reached on March 14, according to CoinMarketCap data. As explanations for Bitcoin’s poor price movement over the past several days, several market analysts have cited the impending halving event, decreasing flows into ETFs, and the US Federal Reserve’s FOMC meeting on March 20.
Grant Englebart Speaks to Bloomberg
Vice president Grant Englebart of the investing firm Carlson Group stated on Bloomberg TV that just a “handful” of advisors at his company had witnessed clients transfer money to Bitcoin exchange-traded funds (ETFs), with an average investment ratio of 3.5% of total funds.
Eric Balchunas, an analyst for Bloomberg ETF, commented on the interview and said it confirmed what he had been hearing from fund issuers of Bitcoin ETFs, which was that only a small number of early adopters had been making a significant investment to identify Bitcoin ETFs.
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