On Tuesday, the US spot Bitcoin Exchange-Traded Funds (ETFs) broke a five-day consecutive inflow streak with a net outflow of $13.62 million. This outflow coincides with a declining value in the price of the world’s leading digital asset.
GBTC Leads Bitcoin ETF outflows
According to data from SoSovalue, Grayscale’s GBTC led the exodus on Tuesday, recording outflows of $32.38 million. Bitwise’s BITB followed behind, recording $6.76 million in outflows. These outflows are quite notable as they follow five-day consecutive inflows of $31.01 million, $21.52 million, $11.8 million, $73.05 million, and $129.45 million.
However, other Bitcoin issuers like BlackRock, Fidelity Investments, Ark Invest, and VanEck saw substantial inflows on Tuesday. BlackRock’s IBIT came first with $14.12 million worth of inflows, and Fidelity’s FBTC came second with flows of $5.42 million. VanEck’s HODL clinched the third position with $3.51 million inflows, while Ark Invest’s ARKB followed with net inflows of $2.48 million.
In total, the 11 spot Bitcoin ETFs recorded trading volumes of less than $1 billion on Tuesday. Comparing previous records, this sum is significantly lower than March’s record trade volume of around $10 billion.The ETFs have accumulated a total net inflow of $14.64 billion since their launch in January.
Bitcoin’s Price Drop
The price of Bitcoin (BTC) has been trading downwards for quite some time, reacting to market volatility. At press time, BTC is trading at $60.541, representing a decrease of 3.2% in the past 24 hours, according to CoinMarketCap’s data. The market cap also decreased by a similar percentage to $1.1 billion.
Despite this substantial decline, some investors are still demonstrating optimistic sentiment for the leading coin. This is evident with the 24-hour trading volume increasing by 4.8% to $23.3 billion. Also, crypto analyst Ali Martinez earlier revealed the purchase of 20,200 BTC by an investor, despite the price dip.
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