The US Bitcoin spot ETFs sold 1,213 BTC on Thursday as investors pulled funds from the products amid Bitcoin’s underperformance.
A majority of US exchange-traded funds (ETFs) sold their Bitcoin stash on Thursday, marking the products’ third consecutive outflow day. The ETFs sold a total of 1,213 BTC ($71.73 million) as investors continued to take a cautious approach amidst market uncertainties.
Thursday’s net outflow saw BlackRock’s IBIT record its second outflow since its launch. The leading asset manager sold 228 BTC ($13.51 million) on August 29, taking its cumulative net inflow to $20.92 billion.
IBIT’s last outflow day came on May 1, when the broader spot Bitcoin ETF market saw one of its largest-ever single-day outflows. That day, the funds recorded a $563.7 million outflow, while $36.9 million flowed out from IBIT.
Fidelity’s FBTC saw its second successive outflow on Thursday and its third in the last five days. The fund sold 525 BTC ($31.17 million) on Thursday, almost three times its 176 BTC ($10.37 million) Wednesday sales. However, the fund still has the second-largest cumulative inflow and is closing in on Grayscale’s net asset.
More Outflows
Grayscale’s GBTC saw a net outflow of $22.68 million on August 29 after selling 383 BTC. It was the third consecutive day that the fund had net outflows, losing Bitcoin worth $49 million cumulatively. The fund has seen a net outflow of $19.78 billion since January 11.
Data from Arkham showed that Ark Invest sold $100 million worth of Bitcoin on Tuesday. However, the asset manager was the only issuer to record a net inflow yesterday after buying 90 BTC ($5.34 million). Ark Invest’s ARKB has sold 1,686 BTC ($155 million) in the past three days.
Bitwise’s BITB and Valkyrie’s BRRR saw cumulative outflows of $9.77 million on Thursday. BITB sold 137 BTC, while BRRR sold 28 BTC. Other issuers like Grayscale’s BTC and VanEck’s HOLD recorded zero flow.
Notably, Thursday’s trading volume declined compared to Wednesday’s. The trading volume on August 29 was $1.64 billion, while that on August 28 was $2.18 billion.
Thursday’s US ETFs’ Bitcoin sales saw the asset continue its price consolidation below $60,000. Bitcoin traded at $59,271 at press time, with a 24-hour trading volume of $33.2 billion.
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Source: https://thecryptobasic.com/2024/08/30/blackrock-fidelity-and-grayscale-sell-bitcoin-as-us-etfs-see-third-straight-outflow-day/?utm_source=rss&utm_medium=rss&utm_campaign=blackrock-fidelity-and-grayscale-sell-bitcoin-as-us-etfs-see-third-straight-outflow-day