Institutional investors are getting cold feet as the crypto market correction deepens with spot Bitcoin ETFs in the US reversing a fifteen consecutive trading day trend of inflows.
For the past three trading days, the eleven spot Bitcoin ETFs have shed $1.17 billion as the asset fell more than 14% from its all-time high a week ago.
On Dec. 23, total aggregate outflows totaled $226.5 million, with Fidelity leading the exodus with an outflow of $146 million. Bitwise, Ark 21Shares, Invesco, VanEck, and Grayscale funds also saw outflows on Monday, but BlackRock bucked the trend with an inflow of $31.7 million.
Nevertheless, the total inflow to date for these institutional investment products is $35.8 billion, highlighting the huge demand for Bitcoin-based ETPs.
On Dec. 24, investment firm Swan reported that BlackRock’s iShares Bitcoin ETF is now in the top 35 of all ETFs ever launched, with $53.3 billion in assets under management.
Analysis from CoinShares this week revealed that crypto asset funds saw more than $1 billion in outflows between Dec. 19 and 20.
ETF Store president Nate Geraci saw the humorous side of last week’s Federal Reserve-induced market slump.
Spot Ethereum ETFs bucked the outflow trend with an aggregate inflow of $130.8 million on Dec. 23, following two consecutive trading days of outflows last week, according to preliminary data from Farside Investors.
BlackRock was again the leader of the pack with an $89.5 million inflow for ETHA, followed by Fidelity with $46.4 million in inflows. There was very little activity for the other seven funds.
The BTC correction has deepened to 14.5%, with the asset shedding a further 1.5% on the day, hitting an intraday and monthly low of $92,442 during early trading in Asia on Tuesday.
However, Bitcoin bounced back to reclaim the $94,000 level again at the time of writing, indicating that the decline may be slowing.
Altcoins were faring better at the time of writing, with solid gains of over 4% for Binance Coin (BNB), Avalanche (AVAX), Chainlink (LINK), Sui (SUI), and Hedera (HBAR).
The post Bitcoin ETFs Shed $1.2B in 3 Trading Days as Altcoins Outperform BTC appeared first on CryptoPotato.
For the past three trading days, the eleven spot Bitcoin ETFs have shed $1.17 billion as the asset fell more than 14% from its all-time high a week ago.
On Dec. 23, total aggregate outflows totaled $226.5 million, with Fidelity leading the exodus with an outflow of $146 million. Bitwise, Ark 21Shares, Invesco, VanEck, and Grayscale funds also saw outflows on Monday, but BlackRock bucked the trend with an inflow of $31.7 million.
Bitcoin ETFs Cooling
Nevertheless, the total inflow to date for these institutional investment products is $35.8 billion, highlighting the huge demand for Bitcoin-based ETPs.
On Dec. 24, investment firm Swan reported that BlackRock’s iShares Bitcoin ETF is now in the top 35 of all ETFs ever launched, with $53.3 billion in assets under management.
Analysis from CoinShares this week revealed that crypto asset funds saw more than $1 billion in outflows between Dec. 19 and 20.
ETF Store president Nate Geraci saw the humorous side of last week’s Federal Reserve-induced market slump.
Spot Ethereum ETFs bucked the outflow trend with an aggregate inflow of $130.8 million on Dec. 23, following two consecutive trading days of outflows last week, according to preliminary data from Farside Investors.
BlackRock was again the leader of the pack with an $89.5 million inflow for ETHA, followed by Fidelity with $46.4 million in inflows. There was very little activity for the other seven funds.
BTC Price Outlook
The BTC correction has deepened to 14.5%, with the asset shedding a further 1.5% on the day, hitting an intraday and monthly low of $92,442 during early trading in Asia on Tuesday.
However, Bitcoin bounced back to reclaim the $94,000 level again at the time of writing, indicating that the decline may be slowing.
Altcoins were faring better at the time of writing, with solid gains of over 4% for Binance Coin (BNB), Avalanche (AVAX), Chainlink (LINK), Sui (SUI), and Hedera (HBAR).
The post Bitcoin ETFs Shed $1.2B in 3 Trading Days as Altcoins Outperform BTC appeared first on CryptoPotato.
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