The US Spot Bitcoin ETFS saw a large spike in pure outflow on 24 February, most of which are coming from Fidelity and Blackrock funds as the market spirit became sour.
As data From Sosowale, 12 spot bitcoin ETFS recorded $ 516.41 million in outflow on Monday, increased by more than 700% from $ 62.77 million of the previous day, which led to the worst day outstanding since January 8.
Fidelity’s FBTC took the biggest hit, decreased by $ 246.96 million, followed by Blackrock’s IBIT, with $ 158.59 million in redemption. In particular, none of the ETFs recorded any flow that indicates a strong wave of selling pressure. The data for ARK 21Shares’ Arkb was not available at that time, but other ETFs that were involved in the outflow: included:
- Grassscale’s GBTC: $ 59.5 million
- Invesco Galaxy’s Btco: $ 15.02 million
- Wisdomtree’s BTCW: $ 12.5 million
- Bitwaiz Bitab: $ 10.26 million
- Vaneck’s Hodl: $ 7.33 million
- Grassscale’s mini bitcoin trust: $ 6.25 million
Despite the cell-off, the total daily trading volume for these ETFs was still more than $ 2.9 billion, and overall, these funds have seen a net flow of $ 39.04 billion since its launch.
Ethereum ETF also takes a hit
It was not just bitcoin ETF that struggled. Etharium ETF also faced heavy outflow, $ 78.09 million losing On 24 February, a day before a day before $ 8.92 million out of a sharp jump.
Blackrock’s ETHA led the exit with $ 48.21 million, followed by ETHE of Grassscale $ 15.45 million. Other funds also saw the redemption:
- Bitwaiz Athav: $ 9.71 million
- Grassscale’s Mini Etharium Trust: $ 4.73 million
The data for the CETH of 21Shares was not updated at that time, but the remaining four ETH ETF did not see any movement.
Bitcoin struggles to find direction
The time of these outflows was not random. Bitcoin is trapped in a tight range between $ 94,000 and $ 98,000 for most of February, and over the weekend, it reported a hit that the atherium was stolen from the token Crypto Exchange Bibit more than $ 1.4 billion and the respective token Crypto Exchange Bibl. .
On Monday, BTC fell to $ 88,614, below its all -time high of $ 108,786 below 18.5%, which was a hit on the day of Donald Trump’s inauguration.
Even Micostrategi’s ongoing bitcoin shopping competition cannot be raised by the market. The company announced only one more major purchase- 20,356 BTC- bringing its total holdings to about 500,000 BTCs.
Trump’s second term is not promoting Crypto – now
In the second term of Donald Trump, a month, hoping that he would supercharges the crypto market, such as he did after winning in November, was not physicized.
Bookie Polymarket Now give just 10% chance that he will create a strategic bitcoin reserve within his first 100 days. Meanwhile, the White House has softened its stance, saying that it is still evaluating whether to stock bitcoins.
For now, the market appears in waiting-and-looking mode because investors navigate wide uncertainty around volatility, ETF outflow and regulatory and macroeconomic trends.
