U.S.-based Bitcoin BTC/USD spot exchange-traded funds experienced net outflows for the fifth consecutive day, signaling weak investor sentiment in the world's largest digital currency.
What Happened: The 11 investment vehicles tracking Bitcoin's spot price saw a net exit of nearly $140 million Thursday, according to Spot On Chain.
Barring BlackRock’s iShares Bitcoin Trust IBIT, which saw inflows of $1.5 million, all other funds recorded outflows.
The biggest loser was Grayscale Bitcoin Trust GBTC, which saw Bitcoin redemptions worth $53 million, followed by Fidelity's FBTC $51 million in outflows.
With the latest data, total outflows over the last five active trading days swelled up to $854 million.
Overall, these funds have attracted $14.67 billion in net inflows since their listing in early January. The total assets under management are worth over $56 billion, at the time of writing.
See Also: Is The ‘Meme Coin Super Cycle’ Over? Trader Outlines Pros And Cons
Why It Matters: The continuous stream of outflows reflected investors' caution as the broader market slips into the summer stagnation period.
That said, spot ETFs have been the primary demand drivers for Bitcoin in 2024.
Cryptocurrency analyst Quinten Francois highlighted that spot ETFs have gobbled more than 200% of the newly created Bitcoins in 2024, an indication that the asset's demand is far outstripping its supply.
Price Action: At the time of writing, Bitcoin was exchanging hands at $64,257.95, slipping 2.36% in the last 24 hours, according to data from Benzinga Pro.
Read Next: Early Twitter, Uber Investor Naval Ravikant Calls Bitcoin The Ultimate Store Of Value Among Cryptos
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
