{"id":607046,"date":"2024-05-08T14:00:12","date_gmt":"2024-05-08T14:00:12","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=607046"},"modified":"2024-06-11T07:01:41","modified_gmt":"2024-06-11T07:01:41","slug":"bitcoin-massive-outflows","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-massive-outflows\/","title":{"rendered":"Bitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million"},"content":{"rendered":"

The recent unimpressive price action of Bitcoin is playing out in the minds of <\/span>institutional investors<\/span><\/a>, with recent data highlighting their bearish sentiment. This has led to a wave of <\/span>massive outflows<\/span><\/a> from <\/span>\u00a0Bitcoin investment products<\/span><\/a>, which could negatively impact the flagship crypto.\u00a0<\/span><\/p>\n

Bitcoin Investment Products Record $284 Million Of Outflows<\/h2>\n

CoinShares revealed in a <\/span>blog post<\/span><\/a> that Bitcoin investment funds recorded an outflow of $284 million last week. Most of these outflows are said to have come from the <\/span>US Spot Bitcoin ETFs<\/span><\/a>, which saw <\/span>outflows of $156 million<\/span><\/a> last week. CoinShares noted that last week was the first time these funds recorded such a measurable amount of outflows.\u00a0<\/span><\/p>\n

Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing<\/a><\/p>\n

These US Spot Bitcoin ETFs indeed had a week to forget last week, as even BlackRock\u2019s <\/span>iShares Bitcoin Trust (IBIT) <\/span><\/a>recorded its first day of outflows since launch, with almost $37 million exiting the fund.\u00a0<\/span><\/p>\n

CoinShares suggested that the magnitude of outflows was likely due to Bitcoin dropping below $62,000, which they estimate is the average purchase price of these ETFs since launch. Therefore, they claim that Bitcoin\u2019s decline may have triggered automatic sell orders.\u00a0<\/span><\/p>\n

Before now, institutional investors had already shown mixed feelings towards these funds thanks to Bitcoin\u2019s recent price action. As such, it makes sense that Bitcoin dropping below $60,000 made them <\/span>panic sell<\/span><\/a> instead of holding their positions.\u00a0<\/span><\/p>\n

Despite this development, CoinShares noted that the Spot Bitcoin and Ethereum ETFs in <\/span>Hong Kong<\/span><\/a> which launched last week, were a bright spot, recording $307 million in inflows in the first week of trading. The launch of these funds could prove timely, with Bitcoin <\/span>needing a catalyst<\/span><\/a> to continue its upward trend.\u00a0<\/span><\/p>\n

Interestingly, CoinShares revealed that Bitcoin was the only crypto asset to record outflows. On its part, Ethereum broke its seven-week streak of recording outflows, with $30 million flowing into Ethereum investment products. Other altcoins like <\/span>Avalanche<\/span><\/a>, Cardano, and Polkadot also saw inflows.\u00a0<\/span><\/p>\n

Spot Bitcoin ETFs Still Not In The Clear<\/h2>\n

With <\/span>Grayscale\u2019s GBTC<\/span><\/a> recording its first day of net inflows last week, there was the feeling that such development could spark a <\/span>turnaround in the outflows<\/span><\/a> that the Spot Bitcoin ETFs have been recording. However, that hasn\u2019t been the case. On May 7, these funds <\/span>recorded<\/span><\/a> a net outflow of $15.7 million.\u00a0<\/span><\/p>\n

Related Reading: Here\u2019s How This Ethereum Whale Made $16 Million From A Single Trade<\/a><\/p>\n

GBTC<\/span><\/a> was again the primary culprit, with the fund seeing a net outflow of $28.6 million. These outflows have continued to affect <\/span>Bitcoin\u2019s price<\/span><\/a> negatively, given the amount of selling pressure it is piling on the flagship crypto.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $62,300, down over 2% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price at $62,300 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from The Independent, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The recent unimpressive price action of Bitcoin is playing out in the minds of institutional investors, with recent data highlighting their bearish sentiment. This has led to a wave of massive outflows from \u00a0Bitcoin investment products, which could negatively impact the flagship crypto.\u00a0 Bitcoin Investment Products Record $284 Million Of Outflows CoinShares revealed in a blog post that Bitcoin investment funds recorded an outflow of $284 million last week. Most of these outflows are said to have come from the US Spot Bitcoin ETFs, which saw outflows of $156 million last week. CoinShares noted that last week was the first time these funds recorded such a measurable amount of outflows.\u00a0 Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing These US Spot Bitcoin ETFs indeed had a week to forget last week, as even BlackRock\u2019s iShares Bitcoin Trust (IBIT) recorded its first day of outflows since launch, with almost $37 million exiting the fund.\u00a0 CoinShares suggested that the magnitude of outflows was likely due to Bitcoin dropping below $62,000, which they estimate is the average purchase price of these ETFs since launch. Therefore, they claim that Bitcoin\u2019s decline may have triggered automatic sell orders.\u00a0 Before now, institutional investors had already shown mixed feelings towards these funds thanks to Bitcoin\u2019s recent price action. As such, it makes sense that Bitcoin dropping below $60,000 made them panic sell instead of holding their positions.\u00a0 Despite this development, CoinShares noted that the Spot Bitcoin and Ethereum ETFs in Hong Kong which launched last week, were a bright spot, recording $307 million in inflows in the first week of trading. The launch of these funds could prove timely, with Bitcoin needing a catalyst to continue its upward trend.\u00a0 Interestingly, CoinShares revealed that Bitcoin was the only crypto asset to record outflows. On its part, Ethereum broke its seven-week streak of recording outflows, with $30 million flowing into Ethereum investment products. Other altcoins like Avalanche, Cardano, and Polkadot also saw inflows.\u00a0 Spot Bitcoin ETFs Still Not In The Clear With Grayscale\u2019s GBTC recording its first day of net inflows last week, there was the feeling that such development could spark a turnaround in the outflows that the Spot Bitcoin ETFs have been recording. However, that hasn\u2019t been the case. On May 7, these funds recorded a net outflow of $15.7 million.\u00a0 Related Reading: Here\u2019s How This Ethereum Whale Made $16 Million From A Single Trade GBTC was again the primary culprit, with the fund seeing a net outflow of $28.6 million. These outflows have continued to affect Bitcoin\u2019s price negatively, given the amount of selling pressure it is piling on the flagship crypto.\u00a0 At the time of writing, Bitcoin is trading at around $62,300, down over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 BTC price at $62,300 | Source: BTCUSD on Tradingview.com Featured image from The Independent, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":607066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-607046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million<\/title>\n<meta name=\"description\" content=\"The recent unimpressive price action of Bitcoin is playing out in the minds of institutional investors, highlighting their bearish sentiment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million","url":"http:\/\/www.ktsl888.com\/news\/bitcoin-massive-outflows\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.ktsl888.com\/news\/bitcoin-massive-outflows\/"},"thumbnailUrl":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/05\/Bitcoin_238f45.jpeg?resize=200%2C183","image":{"@type":"ImageObject","url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/05\/Bitcoin_238f45.jpeg?fit=275%2C183"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-05-08T14:00:12Z","datePublished":"2024-05-08T14:00:12Z","dateModified":"2024-06-11T07:01:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million\",\"url\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bitcoin-massive-outflows\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bitcoin-massive-outflows\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin_238f45.jpeg?resize=200%2C183\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin_238f45.jpeg?fit=275%2C183\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-05-08T14:00:12Z\",\"datePublished\":\"2024-05-08T14:00:12Z\",\"dateModified\":\"2024-06-11T07:01:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/05\/Bitcoin_238f45.jpeg?fit=275%2C183","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/607046"}],"collection":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/comments?post=607046"}],"version-history":[{"count":0,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/607046\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media\/607066"}],"wp:attachment":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media?parent=607046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/categories?post=607046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/tags?post=607046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}