July 24, 2024

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6 Days of Bitcoin ETF Outflows – Where Do BlackRock and Fidelity Stand?

6 Days of Bitcoin ETF Outflows – Where Do BlackRock and Fidelity Stand?

  • Bitcoin ETFs faced outflows, but BlackRock’s IBTC remained stable and increased its holdings
  • Analyst Thomas believes that the current decline in Bitcoin is a prelude to a major bull run.

As the cryptocurrency community prepares for the launch of the Ethereum spot [ETH] ETFs, Bitcoin spot interest [BTC] ETFs seem to be dwindling.

Bitcoin ETF flow analysis

Information from Persian investors It revealed that Bitcoin ETFs recorded six consecutive days of outflows from June 13 to June 21 (excluding June 19).

As of June 21, Fidelity Wise Origin Bitcoin Fund (FBTC) was the hardest hit with total outflows of $44.8 million, followed by Grayscale Bitcoin Trust (GBTC) which saw outflows of $34.2 million in a single day.


Source: Farside Investors

However, not all Bitcoin ETFs recorded significant outflows. BlackRock’s IBTC remained stable, with no outflows during this period and even before.

Note to the same, ThomasThe ApolloSats co-founder took to X (formerly Twitter) and noted,

“Blackrock continues to HODL. Zero outflows today. +23 BTC this week while every other major ETF has a bloodbath. Larry, you’ve done it again.

IBIT flows

Source: Thomas/X

This difference in investor interests underscores the changing dynamics within the cryptocurrency market.

BlackRock stands strong

While some Bitcoin ETFs have faced significant outflows, BlackRock’s IBTC stability is a sign of selective confidence among investors.

Additionally, BlackRock’s recent surge in Bitcoin holdings highlights institutional confidence in Bitcoin’s role as an inflation and investment hedge.

On June 5, BlackRock purchased 3,894 bitcoins, worth about $276.19 million, increasing its total holdings to 295,457 bitcoins worth about $20.95 billion.

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The move is seen as a positive signal for the market, potentially influencing other investors and increasing demand for Bitcoin.

Additionally, executives believe BlackRock’s accumulation may contribute to supply shortages, further lifting Bitcoin prices amid evolving economic and regulatory conditions.

Impact on the price of Bitcoin

Meanwhile, it should be noted that Bitcoin, although stable, has not been able to register a consistent upward trend on the charts. In fact, at the time of writing, the price was well below the $70,000 level.

Thomas, in a separate analysis, drew parallels with previous Bitcoin halving cycles. According to him, the current contraction reflects previous patterns, with the analyst also stating that he expects a rise in the coming days.

Thomas on BTC

Source: Thomas/X

However, according to AMBCrypto’s analysis of Santiment data, positive sentiment has declined significantly. However, the one-day Relative Strength Index (RSI) appears to be recovering from its lows – a sign of a potential turnaround.


Source: Santiment