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Bitcoin ETFs Shed $1.2B in 3 Trading Days as Crypto Correction Deepens
Institutional investors appear to be growing increasingly wary of the crypto market, as spot Bitcoin exchange-traded funds (ETFs) in the United States have experienced a significant decline in assets over the past three trading days. According to preliminary data from Farside Investors, these ETFs have shed an astonishing $1.2 billion between December 20th and 23rd.
This latest development marks a stark reversal of the fifteen consecutive trading day trend of inflows seen earlier in the month. The sudden exodus from Bitcoin spot ETFs has sparked concerns that institutional investors are losing confidence in the cryptocurrency’s value, as well as its overall market prospects.
Despite this downturn, it is essential to note that the total cumulative inflow for these institutional investment products still stands at a staggering $35.8 billion, demonstrating the immense interest and demand from investors seeking exposure to Bitcoin-based ETPs.
Interestingly, BlackRock has bucked the trend of outflows, reporting an influx of funds worth $31.7 million on December 23rd alone. Fidelity also experienced some redress, with an inflow of $46.4 million.
On the other hand, several prominent players in the space have seen significant outflows. Bitwise’s ETF has taken a hit, shedding $130.8 million over the same period. This decline may be attributed to increased market volatility and fears regarding Bitcoin’s recent correction, which has now deepened by 14.5%.
As of this writing, Bitcoin’s price appears to be stabilizing around the $94,000 mark, indicating that the downtrend might be slowing down. The asset had earlier plummeted to an intraday low of $92,442 during early trading in Asia.
Conversely, a number of altcoins have been performing well today, with notable gains reported by Binance Coin (BNB), Avalanche (AVAX), Chainlink (LINK), Sui (SUI), and Hedera (HBAR).
It is crucial to emphasize that this correction has significant implications for the market. While we may see a recovery in the short-term, the long-term outlook remains uncertain.
Source: cryptopotato.com
