With US spot ETF bleeding $740 million in three days.

Janak9955

The ten US spot Bitcoin exchange-traded funds (ETFs) have experienced the largest three-day outflow of funds since their inception in January.

From Monday to Wednesday, these ETFs saw a net outflow of $742 million, with outflows from Grayscale Bitcoin Trust and slowing subscriptions for products from BlackRock and Fidelity. Investor interest in US spot Bitcoin ETFs cools off.

According to data compiled by Bloomberg, these funds have garnered a net inflow of $11.4 billion to date, still ranking as one of the best-performing ETF categories on the market.

On Wednesday, Bitcoin prices in the US surged over 5% as the Federal Reserve hinted at rate cuts. However, the rebound of Bitcoin on Thursday in Asia failed as ETF fund flow data penetrated the market, contrasting sharply with further gains in global stocks and gold.

Chris Weston, research director at Pepperstone Group, stated that cryptocurrencies regained some momentum after the Federal Reserve announced its interest rate decision but more work is needed to drive the rally.

As of writing, the trading price of Bitcoin is $67,300, down about $6,500 from its historical peak on March 14, when bullish sentiment towards spot ETFs was increasing, and the supply growth of this token was about to slow down.

Ritu13

Losing that much money is a significant bleed.

Yamini003

Losing so much all at once is also very distressing.

Indra55

Funds won't always flow in; there must be reasons for outflows as well.