Bitcoin spot ETF has seen net outflows for three consecutive days, totaling $740 million. According to VettaFi, a market analysis company, it is reasonable to take profits after the strong rise in Bitcoin as funds will not continue to flow into these ETFs.
According to data from SoSoValue, Bitcoin spot ETF has experienced net outflows of $154.3 million on the 18th, $326.2 million on the 19th, and another net outflow of $261.5 million on the 20th, indicating three consecutive days of net outflows, totaling $742 million.
The largest net outflow came from Grayscale’s GBTC, which saw an outflow of $386 million on the 20th. The historical net outflow of GBTC has reached $13.27 billion. In addition, Invesco/Galaxy’s ETF also saw a net outflow of $10.2 million on the 20th.
On the 20th, BlackRock’s IBIT had the highest net inflow for the day, amounting to $49.28 million. The historical total net inflow of IBIT has reached $13.09 billion. The second highest net inflow was from Ark/21Shares’ ARKB, with a net inflow of approximately $23.26 million. The historical total net inflow of ARKB has reached $1.99 billion.
It is worth noting that BlackRock’s IBIT set the second lowest daily net inflow record in history, only slightly higher than the low point on February 6 by $4 million. Fidelity’s FBTC also set the second lowest daily net inflow record in history, at $12.9 million.
Currently, the total net asset value of Bitcoin spot ETF is $54.13 billion, with an ETF net asset ratio (proportion of market value to total market value of Bitcoin) of 4.11%. The historical total net inflow has reached $11.41 billion.
Todd Rosenbluth, Director of Research at VettaFi, previously stated that funds will not continue to flow into ETFs, and it is reasonable for people to take profits after Bitcoin’s strong rise.
Although Bitcoin spot ETF has seen net outflows for three consecutive days, Bitcoin rebounded and broke through $68,000 today, recovering all of yesterday’s decline. This may be due to the Federal Reserve’s fifth announcement to stop raising interest rates at the FOMC meeting this morning, with the latest dot plot expecting three rate cuts to be maintained this year, stimulating market sentiment.
However, 10X Research issued a report on the 19th warning that it is still too early to be bullish, and Bitcoin is expected to fall below $60,000 before meaningful rebound attempts occur. Based on the previous signal of reaching new highs, Bitcoin is expected to reach $83,000 and $102,000 in the future, but attention should be paid to downward targets.
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