- U.S Spot Bitcoin ETFs experience $35 million in withdrawals.
- Grayscale’s GBTC fund withdraws $30.7 million, holds 274,734 Bitcoin units.
- Bitcoin’s value drops to $57,000 amid selling pressure and market volatility.
Withdrawals from U.S. Spot Bitcoin ETFs have resumed, with the latest one amounting to $35 million following a brief period of capital inflows. Blockchain analytics firm Lookonchain reported today that Grayscale’s Bitcoin Trust (GBTC) experienced a withdrawal of $30.7 million.
As a result of this withdrawal, the asset management company’s total Bitcoin holdings now stand at 274,734 units, valued at approximately $15.76 billion. The trend of outflows was not isolated to Grayscale; other spot Bitcoin ETF providers also saw reductions. For instance, the Invesco Galaxy Bitcoin ETF saw a withdrawal of 74 BTC, leaving its total holdings at 6,804 BTC. In total, the combined withdrawals from these two entities equaled 609 BTC, or around $35 million.
However, none of the five Bitcoin ETFs based in the United States, including BlackRock’s IBIT, Fidelity’s FBTC, and ARK 21Shares’ ARKB, experienced any withdrawals. BlackRock now possesses the largest Bitcoin stash among these funds, with 307,206 BTC in its custody.
On the same day, the combined trading volume for these Bitcoin funds was $800 million, representing a notable decrease from the $995 million traded on the previous Tuesday. This reduction in trading activity and the net outflows could indicate a shift in investor sentiment or market conditions, which is not uncommon in the volatile cryptocurrency market.
Bitcoin’s Price Under Pressure
Meanwhile, Bitcoin
This downturn has taken many investors by surprise and has become a topic of conversation among cryptocurrency enthusiasts. Factors contributing to the sell-off include speculative investor actions in the wake of Bitcoin ETF movements and the recent halving event.
The sell-off has been further exacerbated by the liquidation of positions with excessive leverage and unexpected market events, such as the sale of seized Bitcoin by authorities in Germany and the United States.
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