Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
This marked the longest streak of outflows since the launch of the funds, but it signals nothing but healthy growth, an expert said.was accompanied by a sizable amount of net outflows from the 12 U.S. spot exchange-traded funds . While on its face, that might appear worrisome, it's more likely a sign of healthy growth.
“This is going to be two steps forward, one step back," Eric Balchunas, senior ETF analyst at Bloomberg, said."That’s the way many ETF categories are born and mature,” he added. “Nothing goes up in a straight line – flow-wise – ever because ETFs service long term investors and traders.” The funds bled roughly $1.2 billion worth of bitcoin between Aug. 27 and Sept. 6, according to data from Farside Investors. At eight, that was the most consecutive days of net outflows that the ETFs have experienced since launching on Jan. 12.The ETF issuers have mostly been blessed with sizable amounts of cash flowing into their newly-opened funds. In their first two months of trading, the ETFs saw net inflows totallng $12 billion, according to.
“The key to building a category isn't so much taking in money when there's good times, but it's limiting the outflows at bad times and I've seen these Bitcoin ETFs do a great job in the latter,” Balchunas said, referring to recent large price sell-offs associated with Mt. Gox and the German government, during which the ETFs quickly reverted to inflows after seeing only modest exits of money..
“The really done a good job keeping bitcoin out of the abyss," said Balchunas."They have saved bitcoin’s butt a couple times in the past couple months, from real, real depths."in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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