Crypto Blog
BTC’s price is down by nearly 10% on a weekly scale and this is perhaps no surprise given the substantial outflows seen from the spot Bitcoin ETFs in the States.
However, the landscape around the ETFs changed for the worse on Tuesday. $127.1 million was withdrawn on that day, with Ark Invest’s ARKB leading the adverse trend . Another $105.3 million left the products on Wednesday and As such, these withdrawals erased the $202.6 million in net flows registered on Monday, and the five-day week ended with $277.2 million in outflows. Within the same timeframe, BTC’s price tumbled from the aforementioned Monday peak to its current level of around $58,000.Although there was tons of hype for the launch of the ETFs tracking the performance of the second-largest cryptocurrency, the reality is that these products have failed to attract any substantial demand.
Before that, there were minor outflows on Thursday and Tuesday . Wednesday was the only day in the green since August 14 with $5.9 million in inflows, but $13.2 million was pulled out on Monday. Overall, the week ended with $12.4 million in net outflows.
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