Net outflows continue in spot Bitcoin exchange-traded funds (ETFs) for a third straight day.
The negative impact of spot Bitcoin ETF outflows on the cryptocurrency market has reached a three-day streak. The latest trading day saw a $261 million outflow, bringing the total net outflow to $742 million over the course of 3 days.
Grayscale’s spot Bitcoin ETF was at the center of these outflows once again. The latest trading day saw an outflow of $386.6 million from the Grayscale Bitcoin Trust (GBTC), and an outflow of $10.2 million from the Invesco Galaxy Bitcoin ETF (BTCO).
These significant outflows overshadowed the purchases of 8 other ETFs that continued to buy.
Furthermore, the weakening of buying activity has contributed to this negative trend. BlackRock’s iShares Bitcoin Trust (IBIT) saw the second lowest daily intake, with only $49.3 million in purchases. Fidelity Wise Origin Bitcoin Fund (FBTC) fell below the overall average with a mere $12.9 million in inflow.
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