Bitcoin ETFs Experience Daily Outflows, Fidelity’s Fund Sees $22.61 Million Move Out
Fidelity’s Bitcoin ETF Sees Daily Outflows, Other U.S. Funds Follow Suit
On Thursday, Fidelity’s spot bitcoin exchange-traded fund experienced daily net outflows of $22.61 million, marking the first day since its January listing that more funds moved out than in, according to data from SoSoValue. This trend was mirrored by several other U.S. bitcoin funds, which reported total daily outflows of $217.58 million.
Grayscale’s converted ETF lost $139.37 million, while Ark Invest and 21Shares’ fund saw $31.34 million move out. Valkyrie’s fund lost $20.16 million, and Bitwise saw an outflow of $6 million. The only fund to see daily net inflows was Franklin Templeton’s EZBC, drawing in $1.87 million.
BlackRock’s IBIT fund saw zero flows on Thursday, breaking its 71-day streak of positive flows, according to crypto analyst HODL15Capital. However, Bloomberg ETF Analyst James Seyffart noted that zero flows are typical in ETFs.
According to analyst Hong Song-uk of NH Investment and Securities, fund inflows have been minimal since the bitcoin halving event. “There are no follow-up events that focus attention on Bitcoin in the near term,” Hong said.
At the time of publication, bitcoin was trading at $64,410, with $58.2 million worth of bitcoin liquidated in the past 24 hours, $35 million of which were long positions, according to Coinglass data.
Please note that The Block is an independent media outlet and this article is provided for informational purposes only.
