The post US Bitcoin ETFs face setbacks as Bitcoin retreats amid rising Middle East tensions appeared on BitcoinEthereumNews.com.

Key Takeaways US spot Bitcoin ETFs reversed an eight-day inflow streak with massive outflows amid Middle East tensions. BlackRock’s iShares Bitcoin Trust was the only fund to see net inflows. Net flows into the group of US spot Bitcoin ETFs turned negative on Tuesday as Bitcoin retreated below $62,000 amid intensified tensions between Israel and Iran. According to data tracked by Farside Investors, BlackRock’s iShares Bitcoin Trust (IBIT) was the sole gainer, taking in over $40 million yesterday. IBIT’s net buying has topped $2.1 billion since its trading launch in January, with its holdings now exceeding 366,400 BTC, valued at around $23.2 billion. However, IBIT’s gains were unable to offset outflows from other competing funds. On Tuesday, investors pulled over $283 million from Fidelity’s FBTC, ARK Invest’s ARKB, Bitwise’s BITB, VanEck’s HODL, and Grayscale’s GBTC. Source: Farside Investors GBTC was no longer the outflow star as the fund only bled approximately $6 million in Tuesday trading while FBTC led with $144 million worth of redemptions. Overall, the US spot Bitcoin ETFs ended Tuesday with over $242 million in net outflows. This marked a reversal from an eight-day streak of net inflows that began on September 19. Bitcoin ETF demand turned red on a day marked by Iran’s launch of missile attacks on Israel, an event that escalated tensions in the Middle East. As soon as news of Iran’s missile strikes broke, Bitcoin’s value started shedding. CoinGecko data shows that BTC experienced a decline of over 3% in the last 24 hours, with a sharp drop of nearly $4,000, bottoming out at around $60,300. BTC has slightly recovered to $61,800, but its contrasting movement with gold and oil has sparked debate about its role as a safe haven asset. On October 1, gold prices increased by 1.4% to $2,665 per ounce,…

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Filed under: News - @ October 2, 2024 5:24 am