The post Bitcoin ETFs Suffer $706 Million In Outflows – Should Investors Be Paranoid? appeared on BitcoinEthereumNews.com.

Mainstream Bitcoin ETFs are having a bad time lately, as recently, $706 million of outflows were recorded. This makes it one of the largest sets of withdrawals since May, showing growing unease among investors. This has been driven by the fall in BTC price to its lowest since early August. The sentiment among investors is also changing drastically amidst uncertainty that pervades the market. Markets attribute this change in fortunes to seasonal trends and speculation of US rate cuts. Huge Net Outflows In the most recent data available, which is from September 6, net outflows from 12 spot Bitcoin ETFs hit a high of $170 million. Fidelity and Grayscale had been at the top, with Fidelity’s FBTC amassing close to $86 million in outflows on the day to mark its seventh consecutive session in negative flows. In the meantime, grayscale’s GBTC suffered heavy losses, with almost $53 million in outflows. Since its creation, GBTC lost more than $20 billion. This fund, in just eight days, has witnessed a staggering outflow of $280 million and has been suffering from losses starting on August 27th in a row. Source: SoSoValue Other notable outflows included Bitwise’s BITB, which lost over $14 million; ARK 21Shares’ ARKB had outflows of $7.2 million; Grayscale’s BTC Mini Trust lost almost $6 million, while Valkyrie’s BRRR fell by $4.5 million. These outflows point to a larger pattern underlined by declining investor confidence in Bitcoin ETFs during times of market volatility. As of today, the market cap of cryptocurrencies stood at $1.91 trillion. Chart: TradingView.com These have driven concern and made investors more risk-off. From a technical perspective, Bitcoin might also be creating a “death cross,” which would imply more price drop. Analysts are divided on whether Bitcoin will break out from this slump or continue to fall, depending…

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Filed under: News - @ September 9, 2024 8:22 am