US Spot Bitcoin ETFs Experience Record Outflows, Losing $740 Million In Three Days

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	20,870,371,414	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

20,870,371,414

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00263	1.84%	0.14589	0.14588	0.14592

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00263

1.84%

0.14589

0.14588

0.14592

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.1489	0.14332	0.14343	0.14326	0.055475 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.1489

0.14332

0.14343

0.14326

0.055475 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:41:39	1,500.00	0.14589	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:41:39

1,500.00

0.14589

USD

Price x Volume	Volume	Base Symbol	Related Pairs
16,629,221.67	114,003,112.90	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

16,629,221.67

114,003,112.90

US Spot Bitcoin ETFs Experience Record Outflows, Losing $740 Million In Three Days

21/03/2024 6:00pm

NEWSBTC

The 10 spot Bitcoin ETFs experienced their biggest three-day outflow since their debut in January, as reported by Bloomberg. This shift in investor sentiment comes after heightened interest that propelled the largest cryptocurrency in the market to a record high of $73,700. Bitcoin ETFs See Record Outflows Between Monday and Wednesday, a net total of $742 million exited the Bitcoin ETFs, reflecting outflows from the Grayscale Bitcoin Trust (GBTC) and a moderation in subscriptions for similar offerings from prominent firms like BlackRock (IBIT) and Fidelity Investments (FBTC). Related Reading: Cardano (ADA) Eyes Explosive 2000% Bull Run, Targeting $12 And Quadrupling ATH According to Bloomberg ETF expert Eric Balchunas, the Grayscale Bitcoin Trust has experienced a notable outflow surge. This recent development indicates a “second wind” of investor withdrawals, with a substantial $1.4 billion leaving the trust just this week. Notably, these withdrawals have surpassed all other ETFs in year-to-date outflows and set a new record for cumulative outflows in ETF history, as shown in the chart above. Nevertheless, GBTC continues to hold a prominent position in terms of revenue generation. It currently ranks third out of the 3,400 ETFs available, demonstrating its continued financial success. Despite the recent outflows, the overall performance of these funds remains noteworthy, with net inflows of $11.4 billion recorded since their launch, according to data compiled by Bloomberg. This signifies one of the most successful debuts for an ETF category. Crypto Analyst Predicts “Massive Bounce” For BTC Bitcoin experienced a significant surge of over 5% in the United States on Wednesday, propelled by signals from the Federal Reserve (Fed) hinting at potential interest-rate cuts. However, the Asian market painted a different picture on Thursday, with Bitcoin losing momentum compared to continued gains in global stocks and gold. According to Bloomberg, the news of outflows from Bitcoin ETFs permeated markets, contributing to the contrasting performance. Related Reading: Dogecoin Price Holds Crucial Support But Can DOGE Clear This Hurdle? Nonetheless, renowned crypto analyst Michael van de Poppe shared a bold prediction on social media platform X (formerly Twitter). In his post, he expressed optimism about a “massive bounce” for Bitcoin, suggesting the potential for a continuation of its upward trajectory. Van de Poppe also predicted that Bitcoin could consolidate in the near term before embarking on another rally towards the all-time high it reached before the halving event, which is expected to begin sometime in April. Currently, BTC is trading at $66,200, reflecting a 4% increase in the past 24 hours despite ongoing outflows in the ETF market. Over longer time frames, Bitcoin has shown consistent gains, with a 27% increase over the past thirty days and an impressive 136% gain year-to-date. Featured image from Shutterstock, chart from TradingView.com

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DOGEUSD Dogecoin