Bitcoin ETFs take a tumble as $217 million flows out of the market on April 25th, leaving investors seeing red.
Funds have been at a standstill in the world of ETFs, with five major players failing to see any movement. Among them is BlackRock’s iShares Bitcoin Trust ETF (IBIT), which has been stagnant for two consecutive days.
And it’s not just BlackRock feeling the pinch – Grayscale Bitcoin Trust ETF (GBTC) has also experienced outflows, along with three other ETFs from big names like Fidelity Investments and ARK Invest/21Shares.
Breaking the mold of the latest craze, IBIT has defied expectations by remaining in the top 10 ETFs with a remarkable streak of continuous capital inflows.
But as we enter March 2024, a shift has occurred as the once steady stream of investments into the fund has dwindled. This decline is reflected in the overall decrease of capital flowing into spot Bitcoin ETFs, a trend that has raised eyebrows in the industry.
According to Bitwise CEO Hunter Horsley, the real story lies beneath the surface as major players in the institutional market are covertly gearing up for a significant surge of funds into cryptocurrency-based instruments.
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Horsley passionately believes that unleashing a new breed of digital assets will revolutionize the crypto market and entice even more investors.
Despite a recent dip in interest, Horsley remains optimistic that his innovative approach will reignite the flame. In fact, CoinShares analysts have reported a staggering $206 million withdrawal from crypto products for elite investors in just one week.