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U.S. spot Bitcoin ETFs see outflows for fourth straight session

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Doohyun Hwang
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Summary

  • It reported that 11 U.S. spot Bitcoin ETFs have seen fund outflows for four consecutive trading sessions.
  • It noted that BlackRock’s IBIT led broader selling pressure with $252 million in outflows.
  • It reported that amid continued ETF outflows, Bitcoin is hovering slightly lower as it tests the $90,000 support level.
Photo=Shutterstock
Photo=Shutterstock

U.S. spot Bitcoin exchange-traded funds (ETFs) recorded net outflows for a fourth consecutive trading session.

According to data from Farside Investors on the 9th (local time), the 11 spot Bitcoin ETFs trading in the U.S. saw total net outflows of $250 million on the day.

By product, BlackRock’s 'IBIT'—from the world’s largest asset manager—led the broader selling pressure with $252 million in outflows. Bitwise’s 'BITB' also saw $5.9 million leave the fund. Fidelity’s 'FBTC' posted net inflows of $7.9 million, but that was not enough to offset overall outflows.

As ETF outflows persist, Bitcoin prices are also edging lower. As of the day, Bitcoin was trading at $90,450 on global crypto exchange Binance’s Tether (USDT) market, down 0.7% from the previous day. Whether the $90,000 level holds is expected to be the key driver for near-term price action.

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Doohyun Hwang

cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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