U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $127 million in net outflows on Tuesday, marking the largest single-day withdrawal since Aug. 6. The outflow ended an eight-day streak of positive inflows totalling $756 million.
On Tuesday, the Bitcoin ETF offering from Ark Invest saw the biggest outflow, at $102 million. Grayscale's Bitcoin Trust and Bitwise's Bitcoin ETF also posted net outflows of $18 million and $7 million, respectively.
BlackRock's Bitcoin ETF saw no inflows after a $224 million inflow on Monday, its largest in over a month, while Fidelity's and other Bitcoin ETFs also saw no changes in inflows or outflows.
The largest contributor to yesterday's outflows seems to have been investors' profit-taking after Bitcoin surged past $60,000 early this week. Since then, Bitcoin has pulled back around 10% below $60,000 upon this news.
The ETF outflows came as leading financial institutions expanded their bitcoin product offerings. On Tuesday, CME Group launched a new Bitcoin futures contract aimed at retail traders. Nasdaq also filed for regulatory approval of Bitcoin index options.
The ongoing development of regulated Bitcoin investment vehicles highlights increasing mainstream demand. While spot Bitcoin ETFs saw outflows this week, the overall trajectory points to growing institutional adoption.
from Bitcoin Magazine - Bitcoin News, Articles and Expert Insights https://ift.tt/Q2wxoqh
0 Comments