The Spot Bitcoin ETF sees its largest three-day withdrawals since its launch in January.
The recent trend has caused a major stir in the world of cryptocurrency, as it signals a dramatic change in the demand for Bitcoin. In just a matter of days, a whopping $742 million was withdrawn from various ETFs, showing a massive decline in investments in the Grayscale Bitcoin Trust. Even powerhouse companies like BlackRock and Fidelity Investments have slowed down their investments in rival funds.
Against all odds, the ETFs have defied expectations and captured a staggering $11.4 billion in net investments since their inception, solidifying their position as one of the most triumphant launches in the market. However, the once-popular Grayscale Bitcoin Trust, now transformed into an ETF, has faced a sharp decline with $13.3 billion in outflows.
As the world’s markets buzzed with excitement over rising stocks and gold prices, all eyes were on Bitcoin. After a brief cooling off period following the release of ETF outflow data, the cryptocurrency made a stunning comeback, skyrocketing over 5% in just one day. The catalyst? The Federal Reserve’s hints at possible interest rate cuts, sending a ripple effect through various asset classes and propelling Bitcoin to new heights.
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The Bitcoin (BTC) surge needs to continue, reason is this
XRP price stalls below $0.60 as Ripple lawsuit nears healing stage
Bitcoin’s wild ride continues as the stock prices of companies related to the cryptocurrency soar after a tumultuous week. MicroStrategy, the top holder of BTC, saw a remarkable 15% surge in its share price today. And it’s not just them – leading BTC mining companies Marathon Digital and Riot Platforms also bounced back as Bitcoin made a comeback.