The US spot Bitcoin ETF market experienced a notable shift on Thursday with record outflows totaling $358.6 million. This marks the largest outflow seen in recent months and signals a potential change in investor sentiment. The past ten days saw significant inflows for Bitcoin ETFs, reaching a staggering $4.26 billion before yesterday’s record outflows.
This recent shift comes after a period of substantial inflows. So far this year, spot Bitcoin ETF net inflows have surpassed $44.99 billion according to SoSoValue data, showcasing the growing interest in these products. These ETFs hold a significant portion of the Bitcoin market, currently worth an estimated $128.13 billion, representing 6.07% of the overall market cap. The total funds traded in crypto ETF products exceed $5.39 billion.
BlackRock’s IBIT was the only ETF to record net inflows of $125 million. All other spot Bitcoin ETFs experienced outflows ranging from a high of $166.32 million for Fidelity’s FBTC to Grayscale’s GBTC at $107.53 million. Ark and 21Share’s ARKB also faced net outflows of $89.22 million.
This week, the cryptocurrency market continued to experience volatility with Bitcoin dropping by 2.72% in the last 24 hours. Ethereum, a leading cryptocurrency, experienced a slight dip, trading at $2,600, and other major altcoins also saw losses. Solana witnessed a notable decrease of 5.39%. On the flip side, some cryptocurrencies showed positive signs with DeXe’s DEXE token experiencing an impressive surge of 12.19% while UNUS SED LEO’s LEO gained 2.09%, and Lido DAO’s LDO recorded a slight increase of 1.80%.
In related news, the U.S. Treasury has issued warnings regarding Funnull Tech for its alleged involvement in a $200 million crypto scam.