{"id":164365,"date":"2024-04-09T11:10:31","date_gmt":"2024-04-09T11:10:31","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=164365"},"modified":"2024-04-09T11:10:37","modified_gmt":"2024-04-09T11:10:37","slug":"bitcoin-etfs-rocked-by-200m-outflow-amid-uncertain-price-action","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-etfs-rocked-by-200m-outflow-amid-uncertain-price-action\/","title":{"rendered":"Bitcoin ETFs Rocked by $200M Outflow Amid Uncertain Price Action"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Unexpected Outflows:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Despite Bitcoin\u2019s surge above $72,000, Bitcoin ETFs saw a significant outflow of $200 million, casting doubt on the stability of the $69,000 support level and future price direction.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Mixed ETF Performance:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0While Grayscale\u2019s GBTC spot ETF experienced over $303 million in outflows, other ETFs like Bitwise and BlackRock\u2019s iShares reported net inflows, leading to a collective net outflow of approximately $224 million from spot Bitcoin ETFs.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Steady Inflows for Leading ETFs:<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">\u00a0BlackRock\u2019s IBIT and Fidelity\u2019s FBTC maintained an unbroken streak of inflows, even as overall ETF flows were slow, possibly due to profit-taking or the upcoming US Tax Day, while traders remain bullish with BTC price targets up to $80,000.<\/span><\/span><hr \/><\/li>\n<\/ul>\n<p style=\"text-align: justify\"><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/bitcoin-etf\/\" target=\"_blank\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">Bitcoin\u00a0<\/span><\/strong><\/a><strong><span data-preserver-spaces=\"true\">ETFs have experienced a significant outflow of $200 million, despite Bitcoin\u2019s recent surge above $72,000.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0This unexpected movement has raised questions about the stability of the $69,000 support level and the future direction of Bitcoin\u2019s price action.<\/span><!--more--><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">A notable shift in the cryptocurrency market was observed, primarily influenced by\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Grayscale\u2019s GBTC spot ETF, which experienced a significant net outflow<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0of over $303 million in a single day.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">In contrast,\u00a0<\/span><strong><span data-preserver-spaces=\"true\">other Bitcoin ETFs witnessed net inflows;<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Bitwise Bitcoin ETF reported over $40 million, and BlackRock\u2019s iShares Bitcoin Trust saw more than $21 million in net inflows, according to Farside\u2019s\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/farside.co.uk\/?p=997\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">. Collectively, the net outflow from spot Bitcoin ETFs totaled approximately $224 million.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Analysts are puzzled by this development, as it comes at a time when Bitcoin appeared to be gaining momentum. One popular analyst noted that it was one of the largest outflow days ever recorded, which is particularly surprising given the recent price pump.\u00a0<\/span><\/p>\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Surprisingly, even though <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<\/a> pumped up yesterday the ETF flows were significantly negative.<br>One of the largest -ver days we have had. <a href=\"https:\/\/t.co\/9OiNBHDolx\" target=\"_blank\">pic.twitter.com\/9OiNBHDolx<\/a><\/p>&mdash; AlphaBTC (@mark_cullen) <a href=\"https:\/\/twitter.com\/mark_cullen\/status\/1777549293924028723?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">April 9, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">IBIT and FBTC: The Unbroken Streak of Bitcoin ETFs Inflows<\/span><\/h2>\n<p style=\"text-align: left\"><span data-preserver-spaces=\"true\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-164367\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/04\/BitcoinETFsInflows.jpg\" alt=\"Bitcoin ETFs Rocked by $200M Outflow Amid Uncertain Price Action\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/04\/BitcoinETFsInflows.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/04\/BitcoinETFsInflows-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/04\/BitcoinETFsInflows-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/>\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The two largest ETFs,<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0BlackRock\u2019s iShares Bitcoin Trust (IBIT) and Fidelity Investments\u2019 Wise Origin Bitcoin Fund (FBTC),\u00a0<\/span><strong><span data-preserver-spaces=\"true\">managed to avoid losses, maintaining an unbroken streak of inflows.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Market participants had previously expected net flows to improve following the announcement by the bankrupt crypto lender Genesis that it had completed a multi-billion-dollar offloading of GBTC shares, which it would use to buy\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/what-is-bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">BTC<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">However, the overall day for ETF flows was described as \u201cvery slow,\u201d considering the price action.\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Some speculate that this could be due to profit-taking, as ETFs are usually held for the long term.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Others suggest that the upcoming US Tax Day on April 15 might be a factor influencing investor decisions.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Traders, on the other hand, are sticking to their bullish BTC price targets. Despite the short-term price action showing signs of uncertainty, some traders are looking for a reversal upward, with targets set as high as $80,000. They argue that once the price successfully holds above $71,400, new all-time highs could be on the horizon.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">This recent outflow has certainly rocked the Bitcoin ETF market, leaving investors and analysts alike to wonder whether the $69,000 support can endure or if we are on the cusp of a new price discovery phase for Bitcoin. As the situation unfolds, the cryptocurrency community will be watching closely to see if this outflow is a mere blip or a sign of a more significant trend.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>TL;DR Unexpected Outflows:\u00a0Despite Bitcoin\u2019s surge above $72,000, Bitcoin ETFs saw a significant outflow of $200 million, casting doubt on the stability of the $69,000 support level and future price direction. Mixed ETF Performance:\u00a0While Grayscale\u2019s GBTC spot ETF experienced over $303 million in outflows, other ETFs like Bitwise and BlackRock\u2019s iShares reported net inflows, leading to &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Bitcoin ETFs Rocked by $200M Outflow Amid Uncertain Price Action\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/bitcoin-etfs-rocked-by-200m-outflow-amid-uncertain-price-action\/#more-164365\" aria-label=\"More on Bitcoin ETFs Rocked by $200M Outflow Amid Uncertain Price Action\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":164366,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,102,70,74],"tags":[4606,5449,4910,5536,4693,5038],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/164365"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=164365"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/164365\/revisions"}],"predecessor-version":[{"id":164369,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/164365\/revisions\/164369"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/164366"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=164365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=164365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=164365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}