Bitcoin (BTC) Spot ETFs See Net Outflows for 5th Day, Signaling Weak Investor Sentiment

U.S.-based Bitcoin BTC/USD spot exchange-traded funds experienced net outflows for the fifth consecutive day, signaling weak investor sentiment

U.S.-based Bitcoin (CRYPTO: BTC) exchange-traded funds experienced net outflows for the fifth day in a row, indicating weak investor sentiment in the world's largest digital currency.

The 11 investment vehicles tracking Bitcoin's spot price saw a net exit of nearly $140 million Thursday, according to Spot On Chain.

Barring BlackRock's (NYSE:BLK) iShares Bitcoin Trust (NYSE:IBIT), which saw inflows of $1.5 million, all other funds recorded outflows.

The biggest loser was Grayscale Bitcoin Trust (OTC:GBTC), which saw Bitcoin redemptions to the tune of $53 million. It was followed by Fidelity's FBTC with outflows of $51 million.

With the latest outflows, the total outflows over the last five active trading days swelled up to $854 million.

Overall, these funds have attracted a massive $14.67 billion in net inflows since their listing in early January. The total assets under management are worth over $56 billion, at the time of writing.

What Happened: Cryptocurrency analyst Quinten Francois highlighted that spot ETFs have gobbled up more than 200% of the newly created Bitcoins in 2024, an indication that the asset's demand is far outstripping its supply.

This data point is relevant as it highlights the strong demand for Bitcoin in the market, despite the outflows from the ETFs.

Francois also highlighted that the outflows could be a sign of investors rotating their capital into other cryptocurrencies, such as Ethereum (CRYPTO: ETH) or Dogecoin (CRYPTO: DOGE), which have seen strong rallies of late.

Now Read: Early Twitter, Uber Investor Naval Ravikant Calls Bitcoin The Ultimate Store Of Value Among Cryptos

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-spot-etfs-net-outflows-th-day-signaling-weak-investor-sentiment.html

The above is the detailed content of Bitcoin (BTC) Spot ETFs See Net Outflows for 5th Day, Signaling Weak Investor Sentiment. For more information, please follow other related articles on the PHP Chinese website!