So, it turns out that Bitcoin exchange-traded funds (ETFs) in the US are having a bit of a meltdown, with a staggering $3.2 billion in outflows over the last eight days. I mean, who knew that crypto could be so dramatic? Itâs like the soap opera of the financial world, and weâre all just here for the popcorn! đż
Heavy Bitcoin ETF Withdrawals
Now, letâs talk about the fact that Bitcoin ETFs have only managed to squeeze out four days of positive inflows this month. Thatâs right, folks! A whopping total of $3.65 billion has fled the scene, according to Farside Investors. Itâs like watching a bad breakup unfold, and everyoneâs just waiting for the next episode of âAs the Crypto Turns.â đ±
And Tuesday? Oh dear, it was the worst day for regular American traders and institutional investors alike, with a record $1.14 billion pulled out. As if that wasnât enough drama, BlackRockâs IBIT, the biggest Bitcoin ETF by net assets, experienced its biggest-ever single-day outflow of $418 million on Wednesday. Talk about a financial horror story! đ»
This is particularly concerning because corporate investors, who usually play the long game, are now adjusting their strategies like theyâre on a reality show trying to avoid elimination. Yikes!
Meanwhile, outflows slowed down a smidge on Thursday, with $275.8 million withdrawn. Itâs like a tiny glimmer of hope in a sea of despair, but letâs be realâinvestor sentiment is still about as warm and fuzzy as a cactus. đ”
Notably, IBIT still led the losses, with investors pulling out $189 million. But wait! Bitwiseâs BITB was the only fund to see inflows, bringing in a modest $17.6 million. So, while the rest of the market is in a panic, some brave souls are still looking for investment opportunities. Go figure! đ€·ââïž
The total net inflows across all 12 Bitcoin ETFs now sit at $36.85 billion. And guess what? Thatâs the lowest level since January. These funds are holding $94.3 billion in assets, which is about 5.7% of Bitcoinâs total market value. Itâs like a party where everyone left early, and now itâs just awkward silence.
Meanwhile, spot Ethereum ETFs are also feeling the heat, with $71 million in outflows on Thursday. Thatâs six straight days of withdrawals, totaling $315 million. So, itâs not just Bitcoin thatâs struggling; itâs like a crypto family reunion where everyoneâs fighting over the last slice of pizza. đ
Market Worries and Trumpâs Impact
Furthermore, the digital asset economy is going through a tough time. For context, Bitcoin has dropped by over 7% in the last 24 hours, slipping below $80,000. Itâs like watching your favorite stock plummet while you scream at the TV.
Ethereumâs second-largest altcoin is also down 9.9%, now trading around $2,100. The GMCI 30 Index, which tracks the top 30 cryptocurrencies, has fallen 8.3%. Itâs a crypto catastrophe, folks!
The current bearish sentiment around crypto ETFs comes with concerns about the US economy. Initially, Donald Trumpâs pro-crypto stance boosted investor confidence. But now, his recent tariff policies have investors feeling as uneasy as a cat in a room full of rocking chairs. đ±
Nevertheless, the market is still showing some positivity, as Coinspeaker reported earlier this week. Notably, Bitcoin ETF products in the US reached a $750 billion volume milestone. So, thereâs that! đ
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2025-02-28 20:41