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Bitcoin ETF outflows total $729 million over two days
Spot bitcoin ETFs managed by BlackRock, Fidelity, Morgan Stanley, and ARK 21-Shares saw the outflows, which added downward pressure to bitcoin’s price.
U.S. investors have cashed out quickly from spot bitcoin exchange-traded funds this week, pulling a combined $729 million in two days and putting downward pressure on bitcoin’s price, according to Bitcoin Magazine. Data cited from Farside Investors showed the largest outflows occurring on Wednesday and Thursday.
Bitcoin Magazine reports that funds managed by BlackRock, Fidelity, Morgan Stanley, and ARK 21-Shares all saw significant outflows during the two-day period. The outlet also notes investors had earlier sold nearly $90 million in shares before turning around on Tuesday to buy nearly $119 million.
The article links the later outflows to concerns that the Federal Reserve may raise interest rates. Bitcoin Magazine also points to other negative market news, including a jump in Brent crude following renewed attacks on tankers in the Strait of Hormuz.
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