Investors dump Bitcoin Spot ETF in Record High

Bitcoin traded below $89K in the mid-week trading session amid the largest-ever daily net outflows from US spot Bitcoin exchange-traded funds (ETFs).

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11 Bitcoin funds saw a net outflow of $938 million, their sixth consecutive trading day of outflows as shown on Coinglass. The ETF exodus comes after a crypto market meltdown that saw Bitcoin fall 4% yesterday from an intraday high of over $92K to a 24-hour low of $86K.

The Fidelity Wise Origin Bitcoin Fund (FBTC) was the biggest loser of the day, with $344.7 million in withdrawals, setting a new ETF outflow record.

BlackRock’s iShares Bitcoin Trust (IBIT) came in second place with a $164.04 million outflow.

Grayscale’s two funds net lost $151.9 million, which was divided between $66.1 million from its Grayscale Bitcoin Trust (GBTC) and $85.8 million from its Bitcoin Mini Trust ETF. The Bitwise Bitcoin ETF (BITB) lost $88.3 million.

Bitcoin market correction was amplified by Friday’s $1.49 billion hack against the cryptocurrency exchange Bybit.

Bitcoin fell from nearly $100,000 to $97,370 when the hack was made public.

The pioneer crypto asset made a modest comeback over the weekend, settling back into the $96,000 range until Monday’.

Bitcoin maintained the consolidation pattern it had seen over the previous ninety days or so over the weekend. However, BTC started a new downward trend Monday evening, driven by President Donald Trump’s comments regarding trade restrictions on Mexico and Canada.

The president announced that the import duties on both nations would resume next week following a month-long delay in their implementation,

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.

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