There was a net outflow worth $152.4 million from the U.S. Bitcoin spot ETF product overnight. This is a net outflow for 4 consecutive business days.
What's New: According to data from asset management company Farside, there was a net outflow of about $152.4 million from the U.S. Bitcoin spot ETF market on the 18th (local time).
The top net outflow was the Fidelity Bitcoin Spot ETF (FBTC), with $83.1 million out. In second place was the Grayscale Bitcoin Spot ETF (GBTC), with $62.3 million withdrawn. Third place went to Bitwise Bitcoin Spot ETF (BITB), which had an outflow of $7 million.
BlackRock Bitcoin Spot ETF (IBIT), which holds the most Bitcoin, had no net outflow or net inflow for two days in a row.
Background of the issue: As of this day, the U.S. Bitcoin spot ETF recorded net outflow for four consecutive business days, but the slope of the net outflow size appears to be slowing down. The net outflow of FBTC, which is the main driver of market selling pressure, is decreasing, and the Ark Investment Bitcoin Spot ETF (ARKB), which had been outflowing about $50 million for three consecutive days, stopped outflow on this day.
The size of Bitcoin spot ETF net outflow is closely related to the Bitcoin selling pressure acting on the market. Since the 13th when net outflow began, the Bitcoin price has fallen by about 4.52%.
Read more: Net outflow of $200 million from Bitcoin spot ETF… Largest since May 1st
Important point: Although the net outflow is decreasing, some analyzes say that if you look at the market from a bigger picture, there are still repercussions. Kiyoung Ki, CEO of CryptoQuant, a cryptocurrency on-chain data platform, said through his He pointed out, “I did it.”
He said, “The ETF net inflow during this period was an outflow of $460 million,” adding, “If you combine the two, it means that about $1.6 billion of sell-side liquidity must be processed over-the-counter.” If no over-the-counter buyers appear, this volume is expected to enter the cryptocurrency exchange and act as selling pressure.
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