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Cryptocurrency News Articles
US Bitcoin ETFs See First Outflows in 7 Days, BlackRock's IBIT Remains a Major Buyer
Oct 24, 2024 at 12:30 am
The US Bitcoin ETFs saw their first outflows in seven days on Oct. 22, led by ARK 21Shares' ARKB fund.
The US Bitcoin ETFs finally saw outflow again after 7 days of strong inflows as $BTC hovers around $67.2K!
Yet, BlackRock’s IBIT remains a major buyer with 22,480 $BTC ($1.51B) added in the last 7 consecutive days, bringing its total holdings to 392,121 $BTC.
Can Bitcoin break… pic.twitter.com/xK8Ajuq5dD
— Spot On Chain (@spotonchain) October 23, 2024
After a week of strong inflows, the US-listed spot Bitcoin ETFs finally experienced outflows on Oct.22, led by ARK 21Shares’ (NYSE:ARKF) ARKB fund, while Ethereum ETFs saw a modest net inflow on the same day.
According to data from SpotOnchain, the US-listed spot Bitcoin ETFs recorded $79.1 million in negative net flows on Oct.22, halting a week-long streak of inflows.
The entirety of the outflow came from ARK 21Shares’ ARKB, which saw $134.74 million withdrawn, marking its largest single-day outflow since inception.
On the other hand, BlackRock’s (NYSE:IBIT) IBIT fund, the largest Bitcoin holder among the ETFs, helped offset the outflows by adding $42.98 million worth of BTC on the same day.
Moreover, Fidelity’s (NYSE:FBHS) FBTC and VanEck’s (NYSE:PHK) HODL also registered inflows of $8.85 million and $3.82 million, respectively.
Other BTC ETFs like Grayscale’s (OTCMKTS:GBTC) BITC, ProShares’ (NYSE:BITO) BITO, Valkyrie’s (NASDAQ:BFL) BFL, and several others recorded no activity in terms of fund flows on Oct.22.
Despite the recent withdrawals, total BTC funds inflows remain strong, with these products collectively accumulating $21.15 billion in net inflows since their launch.
However, total trading volumes across the 12 BTC funds dropped to $1.4 billion on Oct.22 from the higher levels recorded on the previous day.
Meanwhile, BTC’s price has been consolidating within a narrow price range, hovering between $66,700 and $67,700 over the last 24 hours. At the time of this report, Coingecko data shows that BTC trades at $66,526, down 1.2% in the past day.
While Bitcoin funds experienced outflows, Ethereum ETFs saw inflows on the same day. Spot Ether funds recorded net inflows of $11.94 million on Oct.22, with all these inflows coming from BlackRock’s ETHA fund.
This reversed the trend from the previous day when Ethereum funds recorded $20.8 million in outflows. At the time of writing, ETH was trading at $2,579, down 2.1% per Coingecko data.
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