U.S. spot Bitcoin ETFs continued seeing heavy outflows for the straight five days with total withdrawals reaching nearly $1.63 billion. The biggest selling came from BlackRock’s Bitcoin ETF, (IBIT), as institutions continued reducing exposure. Meanwhile Bitcoin price continues to struggle below the $78,000 level.
On May 21 alone, the Bitcoin ETF saw around $101 million outflow. Meanwhile, over the past few days, BlackRock Bitcoin ETF recorded as outflow of,
n total, BlackRock has now seen more than $1.15 billion leave its Bitcoin ETF in just four trading days. That represents nearly 75% of all Bitcoin ETF outflows during the recent selloff.
Other Bitcoin ETFs also saw investors pulling money out. ARK Invest’s ARKB lost around $163 million, while Fidelity Investments’ FBTC recorded roughly $114 million in outflows during the same period.
The recent ETF outflows are mainly linked to growing market uncertainty. Higher inflation data in the U.S. has increased fears that interest rates could stay high for longer. When interest rates rise, investors usually move away from risky assets like crypto.
At the same time, global tensions and weak stock markets have also pushed institutions to reduce risk.
Despite the heavy selling from ETFs, Bitcoin prices have not collapsed. As of now BTC continued trading near $77,500 during the latest session, showing that buyers are still active around lower support levels.
Meanwhile, Ethereum ETFs also continued seeing money leave the market, recording another $32.5 million in outflows.Thus, XRP and Solana ETFs continued attracting fresh inflows, showing that some investors are still actively buying select altcoins. Solana ETFs alone recorded nearly $3.86 million in daily net inflows.
The total crypto market cap fell to $2.68 trillion, down 1.0% over 24 hours, as…
Vietnam's new crypto enforcement regime takes effect September 1, introducing fines of 30-50 million VND…
Cronos Network has paused operations after an exploit hit Tectonic, its lending protocol, with on-chain…
XRP is trading near $1.42 after pulling back from its recent $1.69 high, but its…
Michael Saylor’s Strategy, the rebranded MicroStrategy, has hinted that it could be back to buying…
Bitcoin is trading at $78,796.58, Ethereum at $2,478.28 and XRP at $1.40 as traders brace…
