Many Bitcoin ETFs closed the trading session with "zero" Capital flows on April 25.
Fidelity's Bitcoin ETF welcomes negative cash flow for the first time, others even have no inflow. Photo: FXStreet
Nearly 23 million USD was transferred out of the Fidelity Wise Origin Bitcoin (FBTC) fund yesterday (April 25). This is the first time financial giant Fidelity's Bitcoin ETF has received negative cash flow since its listing at the beginning of the year .
Bitcoin ETF Flow (US$ million) - 2024-04-25
— Farside Investors (@FarsideUK) April 26, 2024
TOTAL NET FLOW: -217.6
(Provisional data)
IBIT: 0
FBTC: -22.6
BITB: -6
ARKB: -31.3
BTCO: 0
EZBC: 1.9
BRRR: -20.2
HODL: 0
BTCW: 0
GBTC: -139.4
DeFi: 0
For all the data & disclaimers visit: https://t.co/4ISlrCgZdk
But Fidelity is not alone, fund products of other giants also recorded negative cash flow, with total losses estimated at about 217.58 million USD.
Cash flow in and out of Bitcoin spot ETF products (as of April 25, 2024). Source: Farside Investors
According to SosoValue data, the ETFs of Ark Invest, Valkyrie and Bitwise saw $31.34 million, $20.16 million and $5.99 million transferred respectively. The heaviest is Grayscale GBTC, which was "robbed" of 139 million USD.
Bitcoin Spot ETF market data April 25, 2024. Source: SosoValue
Only Franklin Templeton's EZBC had positive Capital flow on the day, earning $1.87 million. The remaining funds of BlackRock , Invesco & Galaxy Digital, VanEck, WisdomTree and Hashdex did not have any Capital inflows. Even BlackRock 's Bitcoin ETF has had its inflow chain broken for the past 71 consecutive days .
However, according to Bloomberg ETF analyst James Seyffart , zero inflow is normal in the ETF market. Hong Song-uk, representative of NH Investment and Securities, had the same opinion:
“Cash flow into ETF will stand still after Bitcoin halving , because there are no events that will focus attention on Bitcoin in the near future.”
Dismal ETF activity halted Bitcoin's short-term gains. The king coin has dropped nearly 10% over the month and is trading around the $64,152 mark per coin.
1D graph of the BTC/ USDT pair on Binance at 12:10 PM on April 26, 2024
About $58.2 million in Bitcoin was liquidated in the past 24 hours, $35 million of which came from short positions, according to Coinglass.
Liquidation data on the Derivative market, screenshot of CoinGlass at 12:00 PM on April 26, 2024
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