Bitcoin ETFs Go Back to Massive Outflows
According to the data provided by SoSoValue, Bitcoin exchange-traded funds (ETFs) recorded $143.3 million worth of outflows on Thursday.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) is the only product in the green with a total of $45.75 million worth of inflows. This has somehow helped to cushion the blow delivered by other Bitcoin ETFs, but the above-mentioned inflows were far from pushing overall net flows into positive territory.
Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC) logged the biggest outflows of more than $75 million.
The ARK 21Shares Bitcoin ETF (ARKB) also experienced massive outflows of more than $60 million.
The Bitcoin price is currently trading at $82,511 after experiencing a 7% correction over the past week.
Meanwhile, the flagship S&P 500 stock market index has plunged into technical correction territory amid global trade tensions.
The tech-heavy Nasdaq-100 index dropped by nearly 2% on Thursday, further putting pressure on the flagship cryptocurrency.
