Spot Bitcoin ETFs Record Worst Outflows Since April After Letting Go of $1.3 Billion in Reserves in Two Weeks

Bitcoin ETFs (exchange-traded funds) in the United States have seen nearly $1.3 billion leave their reserves collectively over the past two weeks, marking the largest wave of outflows since April.

About $1.298 billion has flowed from these investment products over the past two weeks, according to data from Persian investors Offers.

Grayscale’s GBTC suffered the most, recording outflows of $517.3 million during the same period. Meanwhile, BlackRock’s IBIT fund was the only fund to record net inflows over the past two weeks, adding $43.1 million to its reserves.

Spot Bitcoin ETFs are experiencing outflows for the seventh straight day

American Bitcoin Spot ETFs Stocks suffered a seventh straight day of outflows yesterday, after investors pulled $174.45 million from funds. Once again, GBTC led the charge after recording $90 million in outflows, SosoValue Data Offers.

Fidelity’s FBTC was the second-biggest loser with $35 million in outflows. Meanwhile, Franklin Templeton’s EZBC Bank recorded its first negative net inflows since May 2 after investors withdrew $20.8 million.

Several spot Bitcoin ETFs recorded outflows as well. BITB from Bitwise, Ark Invest, ARKB from 21Shares, Invesco, BTCO from Galaxy Digital and HODL from VanEck were among the funds that saw capital exit their reserves.

Meanwhile, BlackRock’s IBIT, as well as funds affiliated with Valkyrie, WisdomTree and Hashdex, recorded zero inflows yesterday. None of the spot Bitcoin ETFs recorded inflows during the last trading day.

Peter Schiff says Bitcoin has officially entered its bear market

Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, believes that Bitcoin has officially entered bear market territory.

Now that #Bitcoin It is once again trading below $59,000, and is back in official bear market territory, down more than 20% from its record high. But in #gold Accordingly, the bear market has been much more ferocious, with Bitcoin now down more than 30% to gold. The bear is still young. see below.

– Peter Schiff (@PeterSchiff) June 24, 2024

“Since March 14, though buying “Out of 11 Bitcoin ETFs, Bitcoin is down 14%,” he said on June 21. mail. He then moved on to compare the performance of leading cryptocurrencies with the performance of gold over the same period.

With the commodity up 10% since March 14, Schiff wondered whether investors who sold their holdings in gold ETFs to buy into Bitcoin ETFs were beginning to realize their “mistake.”

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