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Bitcoin ETFs Bleed Funds as BTC’s $100K Rally Stalls Post-Election
The crypto market has witnessed a drastic shift in sentiment following the recent presidential election. In a shocking turn of events, Bitcoin ETFs have reported significant outflows for four consecutive days, totaling $671.9 million in withdrawals. This sudden exodus from the asset class is particularly surprising given the recent price action.
Prior to this downturn, Bitcoin had experienced an unprecedented bull run, eclipsing the $100K mark. However, this impressive rally appears to have stalled following Donald Trump’s victory as the 47th President of the United States. The king coin has retreated slightly, now trading at $98,052.98, representing a modest gain of 4.18% in the past day.
The recent outflows from Bitcoin ETFs cannot be attributed solely to market volatility. Data from Farside investors suggests that prominent institutions such as BlackRock’s IBIT and Fidelity’s FBTC have led the charge, with withdrawal amounts of $188.7 million and $83.2 million respectively. Other notable players like ARK 21Shares’ ARKB also followed suit, withdrawing a substantial $75 million.
Notable outliers during this period were Bitwise’s BITB, which reported inflows worth $8.5 million, bucking the broader trend of redemptions. It is difficult to pinpoint an exact cause for these outflows but analysts believe that growing concerns regarding market sustainability and potential regulatory pressures may have contributed to this sharp decline in enthusiasm.
On the other hand, Ethereum ETFs have reported a staggering $53.6 million in new investments, signaling a shift in investor preference towards alternative digital assets. The second-largest cryptocurrency by market capitalization has maintained stability around the $3,400 mark, while Bitcoin inches closer to its $100,000 resistance level.
As the year draws to a close, it appears that the crypto landscape is undergoing a significant metamorphosis. While Bitcoin’s rally may have stalled for now, Ethereum’s resilience and stability could signify a strong end-of-year finish.
Source: ambcrypto.com
