BlackRock’s IBIT was the only ETF posting a net inflow on Thursday, while most of the funds recorded outflows.
U.S.-listed bitcoin (BTC) exchange-traded funds (ETFs) posted over $226 million in net outflows on Thursday for a third day of outflows this week and reminiscent of the stream of withdrawals that occurred at the end of April.
Fidelity’s FBTC recorded the highest outflow, with $106 million withdrawn, preliminary data from SoSoValue shows. Grayscale’s GBTC recorded $62 million in outflows, and Ark Invest’s ARKB saw $53 million taken out.
Only BlackRock’s IBIT recorded a net inflow, gaining $18 million. The ETFs offered by Valkyrie, Franklin Templeton, Hashdex and WisdomTree showed no inflow or outflow activity.
Wednesday was the only day this week that registered a net inflow of these U.S.-listed products, which added $100 million on the day. The activity comes amid a generally volatile week for bitcoin and the broader crypto market, centered on Wednesday’s key U.S. inflation report and Federal Reserve meeting.
The withdrawals bring the net amount taken out of the exchange-traded funds to $564 million in three days. That’s about half the $1.2 billion taken out of six days at the end of April.
U.S. inflation came in lower-than-expected, briefly boosting bitcoin prices to $70,000 from $68,000 before tumbling back under $67,000 as traders likely took profits on the move.
Source: Crypto Insider