Bitcoin spot ETF has seen three consecutive days of net outflows, totaling $740 million. The research director of market analysis company VettaFi stated that it is reasonable for investors to take profits after the strong rise of Bitcoin, and funds will not continue to flow into these ETFs.
According to SoSoValue data, Bitcoin spot ETF had net outflows of $154.3 million on the 18th, $326.2 million on the 19th, and a further $261.5 million on the 20th, meaning that Bitcoin has seen three consecutive days of net outflows, totaling $742 million.
The largest net outflow came from Grayscale’s GBTC, which had a net outflow of $386 million on the 20th. The historical net outflows of GBTC have reached $13.27 billion. In addition, Invesco/Galaxy’s ETF also had a net outflow of $10.2 million on the 20th.
On the 20th, the Bitcoin spot ETF with the highest net inflow was BlackRock’s IBIT, with a net inflow of $49.28 million. The historical total net inflow of IBIT has reached $13.09 billion. The second highest net inflow was ARKB from Ark/21Shares, with a net inflow of approximately $23.26 million. The historical total net inflow of ARKB has reached $1.99 billion.
It is worth noting that BlackRock’s IBIT achieved its second lowest daily net inflow, only $4 million more than the low point on February 6th. FBTC from Fidelity also achieved its second lowest daily net inflow at $12.9 million.
Currently, the total net asset value of Bitcoin spot ETF is $54.13 billion, and the ETF net asset ratio (market value as a percentage of total market value of Bitcoin) is 4.11%. The historical cumulative net inflow is $11.41 billion.
Todd Rosenbluth, research director of market analysis company VettaFi, previously stated that funds will not continue to flow into ETFs, and it is reasonable for investors to take profits after the strong rise of Bitcoin.
Although the spot ETF has seen three consecutive days of net outflows, Bitcoin rebounded today, breaking through $68,000, and fully recovering from yesterday’s decline. The reason may be the announcement by the Federal Reserve (Fed) in this morning’s FOMC meeting to stop raising interest rates for the fifth time, and the latest dot plot expects three interest rate cuts to be maintained this year, stimulating market sentiment.
However, on the 19th, research institution 10X Research issued a warning in a report, stating that it is still too early to be bullish, and Bitcoin is expected to fall below $60,000 before meaningful rebound attempts occur. Based on the previous signal of new highs, Bitcoin is expected to reach $83,000 and $102,000 in the future, but downward targets should be considered first.