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Bitcoin sees $671.9M ETF sell-offs after BTC crashes below $94K
Record $671.9 million outflow from U.S. Bitcoin exchange-traded funds (ETFs) has been witnessed, as the cryptocurrency market encounters significant turmoil. This drastic measure marks the largest outflow since the launch of these products.
According to data from Farside Investors, Fidelity’s FBTC ETF led the sell-offs with a loss of $208.5 million, while Grayscale’s GBTC and ARK Invest’s ARKB followed closely with outflows of $208.6 million and $108.4 million, respectively. On the other hand, BlackRock’s IBIT ETF remained unchanged, exhibiting no reported net outflows or inflows.
The significant sell-off has been fueled by a sharp decline in Bitcoin and Ethereum prices. In just 24 hours, Bitcoin plummeted by 9.2%, closing at around $93,145.17. Meanwhile, Ethereum experienced an even steeper 15.6% drop. The liquidation of over $1 billion across the crypto market is believed to have contributed to this downward trend.
The total net assets of U.S. Bitcoin ETFs has plummeted to $109.7 billion as of December 19, a significant decline from the $121.7 billion recorded just two days prior. This sharp decrease erased most of the gains seen earlier in the month.
Bitcoin’s dominance in the crypto market remains unchanged, maintaining its position as the leading asset despite recent turbulence.
Source: ambcrypto.com
