Following suit of a bearish trend hovering over the world's largest crypto, Spot Bitcoin funds have also taken a turn, experiencing substantial withdrawals.
Bitcoin exchange-traded funds (ETFs) saw significant outflows over the last few days, as the bearish trend hovering over the world’s largest crypto also impacted Spot Bitcoin funds, which experienced substantial withdrawals.
According to data from Farside Investors, over the last five trading days, Bitcoin ETFs sold a total of over half a billion dollars in BTC. The worst-performing day was Feb.20, when all ETFs saw a total outflow of $363.5 million.
On this date, the Blackrock Bitcoin ETF (IBIT) saw the highest outflows at $112 million. Coming in second was Fidelity (FBTC) with $88.2 million in outflows. The highest single-day cash flow into a Bitcoin ETF was also seen in IBIT on Feb.18, with $68.4 million.
As for today, LookOnChain shows that Bitcoin ETFs saw a net outflow of 1,393 BTC, which is equivalent to $131.8 million. In other news, the Grayscale Bitcoin Mini Trust saw outflows of 621 BTC, valued at $112.26 million, and currently holds 41,545 BTC, approximately worth $3.93 billion.
After several months of a consecutively positive outlook for ETFs, the Spot Bitcoin market seems to have hit a slight roadblock in the month of February. Out of the last 10 trading days for Bitcoin ETFs, only one day — Feb.14 — registered inflows.
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