Net outflows continue in spot Bitcoin exchange-traded funds (ETFs) for the third consecutive day.
The negative impact of spot Bitcoin ETF outflows on the cryptocurrency market has reached a three-day streak. The most recent trading day saw a $261 million outflow, bringing the total net outflows in the past 3 days to $742 million.
Grayscale’s spot Bitcoin ETF once again led the outflows, with a $386.6 million outflow from the Grayscale Bitcoin Trust (GBTC) on the most recent trading day, and a $10.2 million outflow from the Invesco Galaxy Bitcoin ETF (BTCO).
These large outflows have overshadowed the ongoing purchases of 8 other ETFs.
Furthermore, the weakening of buying activity has also contributed to this bleak scenario. BlackRock’s iShares Bitcoin Trust (IBIT) saw the second lowest daily inflow at just $49.3 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) fell below the overall average with just $12.9 million in inflows.
