Bitcoin ETFs experienced a significant outflow of over $226 million on Thursday, marking the third day of outflows this week. This trend is reminiscent of the withdrawals that took place at the end of April. Fidelity’s FBTC saw the highest outflow, with $106 million withdrawn, according to preliminary data from SoSoValue. Grayscale’s GBTC and Ark Invest’s ARKB also recorded significant outflows, with $62 million and $53 million taken out, respectively.
Interestingly, BlackRock’s IBIT was the only ETF to record a net inflow, gaining $18 million. Other ETFs offered by Valkyrie, Franklin Templeton, Hashdex, and WisdomTree showed no inflow or outflow activity. Wednesday was the only day this week that saw a net inflow of these U.S.-listed products, adding $100 million on that day.
The volatility in the bitcoin and broader crypto market this week can be attributed to key events such as Wednesday’s U.S. inflation report and Federal Reserve meeting. The lower-than-expected U.S. inflation briefly boosted bitcoin prices to $70,000 from $68,000, only to tumble back under $67,000 as traders likely took profits on the move.
In total, the net amount taken out of these exchange-traded funds over three days amounts to $564 million. This is about half of the $1.2 billion that was withdrawn over six days at the end of April.
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Shaurya, the Deputy Managing Editor for the Data & Tokens team at CoinDesk, focuses on decentralized finance, markets, on-chain data, and governance across major and minor blockchains. You can follow @shauryamalwa on Twitter for more insights into the cryptocurrency industry and market trends.