Bitcoin (BTCUSD)

[ap17]

ETFs COOLING OFF 🏦
BREAKING: Bitcoin price holds steady amid spot BTC ETF outflows

ETF
What’s going on with Bitcoin?

Over the last month, it’s done a whole lotta nothin’.

One explanation is the declining investor interest in the Bitcoin ETFs.

Last week was a rough one…

The ETFs saw -$328 million in net outflows.

But this time Grayscale wasn’t responsible for all outflows (it was still the majority though).

Last week saw outflows from Fidelity, Bitwise, Ark Invest, Galaxy & Valkyrie.

Flow summary below:

ETF flows
Last week also saw BlackRock’s inflow streak come to an end. 😭

(no outflows yet, touch wood)

BlackRock’s streak officially ended at 71 days in a row.

ETF analyst Eric Balchunas mentions that this absolutely smashed the record for a new launch.

And just to put things into context…

The Gold ETF had an amazing launch, but its inflow streak out of the gate was only 3 days.

ibit inflow streak
And even though BlackRocks inflow streak came to an end, they aren’t done setting records.

Take a look at the chart below posted by Eric Balchunas.

The amount of assets after 72 days is ridiculous.

BlackRock and Fidelity are so far ahead of every other ETF it’s not even funny.

EB tweet
Even though sentiment has turned bearish (short-term only), the Bitcoin ETFs have been incredibly successful so far.

Despite the hype and interest cooling off over the past month, we’re still within striking distance of Bitcoin’s all-time high. 🐍

That’s the main takeaway. 💪