Record Outflows Hit Bitcoin ETFs as Prices Tumble

0 45


Bitcoin ETFs in the United States have experienced a historic pullback. On March 19, investors withdrew a staggering $326 million across 10 funds, marking the largest single-day exodus to date.

Grayscale’s Bitcoin Trust leads this retreat, with $443.5 million exiting in one day. At this rate, the trust’s $23.7 billion in management could deplete by July’s end. Amidst the sell-off, Bitcoin’s value dipped to $62,000, a stark contrast to last week’s $73,835 peak.

Despite the overall downturn, three funds bucked the trend. BlackRock’s iShares Bitcoin Trust topped the charts with $75.2 million in inflows, followed by Fidelity’s Wise Origin Bitcoin Fund at $39.6 million, and Bitwise’s Bitcoin ETF adding a modest $2.5 million.

This financial turbulence aligns with Bitcoin’s price fall, now hovering just above $61,000. As the market grapples with these shifts, investors and analysts alike are closely monitoring the cryptocurrency’s fluctuating landscape.



Source link

Leave A Reply

Your email address will not be published.