{"id":337679,"date":"2024-07-04T23:05:45","date_gmt":"2024-07-04T17:35:45","guid":{"rendered":"https:\/\/dripp.zone\/news\/spot-bitcoin-etf-sheds-35m-as-capital-exodus-continues-crypto-news\/"},"modified":"2024-07-04T23:11:00","modified_gmt":"2024-07-04T17:41:00","slug":"spot-bitcoin-etf-sheds-35m-as-capital-exodus-continues-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/spot-bitcoin-etf-sheds-35m-as-capital-exodus-continues-crypto-news\/","title":{"rendered":"Spot Bitcoin ETF Sheds $35M As Capital Exodus Continues – Crypto News"},"content":{"rendered":"

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After a brief period of inflows, spot Bitcoin ETFs are back to registering outflows with the most recent as high as $35 million.<\/p>\n

Another Day of Spot Bitcoin ETF Outflows\u00a0<\/strong><\/h2>\n

In today\u2019s update provided by blockchain analytics platform Lookonchain, it was revealed that Grayscale lost 535 Bitcoin to outflows.<\/p>\n

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This Bitcoin outflow was valued at approximately $30.7 million, leaving the investment asset management firm with 274,734 units of BTC ($15.76 billion). Also, some other spot Bitcoin ETF issuers were not left out of the outflows. Invesco Galaxy Bitcoin ETF also lost 74 BTC, leaving it with 6804 BTC. The outflows from both issuers rounded up to 609 BTC, an equivalent of $35 million.<\/p>\n

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July 4 Update:<\/p>\n

9 ETFs decreased 609 $BTC<\/a>(-$35M).#Grayscale<\/a> decreased 535 $BTC<\/a>(-$30.7M) and currently holds 274,724 $BTC<\/a>($15.76B).https:\/\/t.co\/RNb9HiUF7I<\/a> pic.twitter.com\/VRq4PXP2c3<\/a><\/p>\n

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\u2014 Lookonchain (@lookonchain) July 4, 2024<\/a><\/p>\n<\/blockquote>\n

BlackRock\u2019s IBIT<\/a>, Fidelity\u2019s FBTC, ARK 21Shares\u2019 ARKB and the other four spot Bitcoin ETFs in the United States recorded zero outflows. Amongst all of them, BlackRock currently has the largest Bitcoin holding with 307,206 Bitcoin.<\/p>\n

Similarly, the Bitcoin ETF saw a lesser outflow on Wednesday. The outflows recorded was over $20 million with Grayscale\u2019s GBTC<\/a> also leading the exodus. While Grayscale\u2019s GBTC sat as the primary contributor to this outflow, with $26.99 million exiting the fund, Fidelity\u2019s FBTC saw a net inflow of $6.55 million, partially counterbalancing the outflow.<\/p>\n

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Meanwhile, BlackRock\u2019s IBIT registered no flows for the day. The trading volume for these Bitcoin funds summed up to $800 million on this same day. It marked a significant fall from Tuesday\u2019s $995 million.<\/p>\n

This sentiments including slowed down activity and net outflow could be an indication of a shift in investor sentiment or even market dynamics. Such fluctuations are not unfounded on the volatility cryptocurrency market.<\/p>\n

Bitcoin Showing Bear Signs<\/strong><\/h2>\n

Meanwhile, the underlying crypto of the ETFs is currently bleeding and struggling to stay at a support level. The value of the coin has recently experienced a sharp downturn to $57,000.<\/p>\n

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The downtrend has surprised many investors and ignited debates within the cryptocurrency community. The selloff appears to be driven by various factors including selloffs by speculative investors amidst Bitcoin ETFs<\/a> and the recent halving event. Additionally, the liquidation of overleveraged positions, and unexpected sell-offs such as the German government\u2019s<\/a> liquidation of seized Bitcoin alongside that of the U.S. Government<\/a> has contributed to the downtrend<\/p>\n

Economist and crypto-critic Peter Schiff<\/a> believes that the drop in Bitcoin price could persist. He even sees the coin heading below $52,000.<\/p>\n

Read More: Ethereum Whale Faces Liquidation, ETH Price Nosedive<\/a><\/strong><\/p>\n

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