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Spot Bitcoin ETFs Bleed $713 Million in the Past Week – What’s Happening?
The crypto market has been going through a tumultuous week, with several exchange-traded funds (ETFs) witnessing significant outflows. Unfortunately, this trend continues to affect the spot Bitcoin ETFs as they experienced a staggering total net outflow of a record-breaking $713 million in a single day. This marks the worst performance for these products since their inception.
As we delve into the recent data, it’s clear that the global financial markets are sending mixed signals, with the US-China trade war intensifying uncertainty and affecting various crypto-related assets. The Bitcoin spot ETFs have been particularly hit hard by this market volatility, leading to such a staggering net outflow.
The $713 million in total net outflows reported on Friday further highlights the extent of this negative trend for these products. This is an unprecedented single-day performance for spot Bitcoin ETFs and indicates a significant loss of investor confidence.
In other news, it’s worth noting that Ethereum-based exchange-traded funds (ETFs) have also experienced their fourth consecutive day of net outflows. These ETFs had a total net outflow of $29.1981 million on Friday alone.
Source: https://bitcoinist.com/spot-bitcoin-etfs-bleed-713-million-in-th-past-week/
