Spot Bitcoin Exchange Traded Funds in the United States recorded a net outflow of $168.4 million yesterday following a severe market dump that affected most crypto assets.
Bitcoin in the early hours of Monday dropped below $50,000 for the first time in so many months with Ethereum also witnessing multi-month lows.
However, top crypto assets have slightly regained in price value over the past 24 hours.
According to Data from Farside Investors, Grayscale’s GBTC led the outflow among the 12 bitcoin ETFs with a recorded net outflow of $69.12 million.
Ark Invest and 21Shares’ ARKB followed closely with $69 million in Net Outflows while Fidelity’s FBTC came third with a net outflow of $58 million.
The Outflows were countered by Inflows from three other ETF products. The newly launched Grayscale Bitcoin Trust pulled in $21.8 million in inflow.
VanEck’s ETF pulled in $3 million in Inflow while Bitwise BITB recorded a net inflow of $2.9 million.
Blackrock’s IBIT, the strongest-performing Bitcoin ETF and the largest in terms of Net asset value recorded Zero flows on Monday alongside three other ETF products.
According to Data from Soso Value, the total amount of funds traded in spot Bitcoin ETFs on Monday was $5.24 billion. This is the largest amount of value traded since March 25, likely due to Monday’s major global market turbulence.
The Market turbulence witnessed on Monday was a result of a combination of various factors including rising geopolitical tension in the Middle East, Poor US economic numbers released last week, and a meltdown of the Japanese Stock market.
Crypto-related causes of the market bleeding on Monday were the activities of Jump Crypto, which is moving 100 million worth of crypto assets to centralized exchanges sparking rumors of a potential sell-off following an investigation on the crypto entity.
How is Bitcoin Faring at the moment?
After yesterday’s market bleeding that saw Bitcoin drop below $50,000, The primary asset regained in price value slightly.
At the time of report, Bitcoin is exchanging hands for $55,131 surging by 6.5% in the last 24 hours with a Maximum price of $56,262 and a minimum price of $49,665.
The Crypto asset is 25.1% down from its all-time high of $73,737.
What To Know
- Development surrounding the United States elections also played a major role in the crypto market turbulence on Monday. New Polls seem to place Kamala Harris ahead of Pro Crypto Donald Trump painting an uncertain future for the industry in the country.
- The Total market capitalization of all Crypto assets have surged by 5% to $2.035 trillion in the last 24 hours.
