In a notable development in the digital currency market, Bitcoin ETFs had a difficult day, with outflows reaching a record value estimated at $563 million.
Despite these challenges, there were some bright spots, such as BlackRock's IBIT fund recording inflows for the first time in a while.
Grayscale's GBTC fund recorded outflows of about $167.4 million, while Fidelity's FBTC saw larger outflows of $191 million, making it perform worse compared to GBTC.
On Wednesday, no bitcoin ETFs recorded inflows, an indicator that may reflect a rapid decline in demand.
Nate Geraci, an ETF analyst, pointed out that despite these numbers that may appear disastrous at first, the BlackRock fund has raised more than $15 billion since the beginning of the year, compared to gold exchange-traded funds that recorded outflows worth billions. , despite the rise in the value of gold by 16% during 2024.
In an analysis of the situation, Bloomberg reported that Bitcoin exchange-traded funds began to show signs of stress after the decline in the price of Bitcoin.
Posted using Tribaldex Blog