US spot bitcoin ETFs experience significant outflows, while bitcoin price struggles to break out of its trading range.
U.S. spot-listed bitcoin (BTC) exchange-traded funds ( ETF s) have experienced a concerning trend of consecutive outflows, totaling $494 million over the past three days. Wednesday witnessed the highest outflow at $251 million, with BlackRock's iShares Trust (IBIT) reporting a $22.1 million outflow and Fidelity Wise Origin Bitcoin Fund (FBTC) registering the most significant outflow at $102 million, as per data.
These outflows occurred amidst low trading volume in the ETFs, with Wednesday recording a mere $2.58 billion in total volume. IBIT itself saw less than $2 billion in volume, placing it as the tenth most traded U.S. ETF, according to filings. The pattern of outflows from bitcoin ETFs indicates a lackluster demand for new net long positions in these investment vehicles, which are primarily utilized as trading instruments.Concurrently, bitcoin's price remains stagnant, hovering around $96,000. This price action reflects a prolonged trading range that began in mid-November, with bitcoin oscillating between $90,000 and its all-time high of $109,000. The combination of low ETF demand and price consolidation suggests a period of cautious sentiment within the cryptocurrency market.James Van Straten, a Senior Analyst at CoinDesk specializing in Bitcoin and its interaction with macroeconomic factors, provides insights into this trend. Previously, Van Straten worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he honed his expertise in on-chain analytics. His current focus lies in analyzing flows to understand Bitcoin's role within the broader financial system. Beyond his professional engagements, Van Straten acts as an advisor to Coinsilium, a UK publicly traded company, offering guidance on their Bitcoin treasury strategy. He also holds personal investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR)
BITCOIN ETF OUTFLOWS PRICE STAGNATION FINANCIAL MARKET
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