blackrock
U.S. Spot Bitcoin ETFs See Record $287 Million in Outflows, Except BlackRock
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2 weeks agoon
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adminU.S. spot Bitcoin ETFs witnessed a significant exodus of funds, with $287.8 million withdrawn across the listed ETFs yesterday, marking the largest single-day outflow since May 1, Farside Investors data reveals. According to Arkham data, the only ETF that did not experience withdrawals was BlackRock, which reported zero outflows.
EIGHT ETFs sold $287 MILLION BTC in the past 24 hours.
Except BlackRock.
BlackRock sold 0. pic.twitter.com/rWNw7FraUH
— Arkham (@ArkhamIntel) September 4, 2024
Fidelity’s ETF led the withdrawals, selling $162 million worth of Bitcoin. Grayscale followed with $50 million in outflows, while Ark and Bitwise reported $34 million and $25 million, respectively. Despite these substantial outflows, these ETFs still collectively manage around $50 billion in assets.
Bitcoin saw a remarkable rise in price earlier this year due to the hype and interest surrounding these ETFs, starting 2024 at around $44,000 and reaching an all-time high of $73,770 on March 14. However, the price has since stagnated, hovering below its peak in the $55,000 to $65,000 range. It has been 174 days since Bitcoin hit its all-time high, according to Clark Moody Dashboard.
Despite the recent outflows, spot Bitcoin ETFs have generally maintained strong inflows, with only one month of outflows in the past eight months. This indicates ongoing investor interest in Bitcoin, even as its price stabilizes below its all-time high.
U.S. Bitcoin ETFs monthly $BTC purchases 👇 August w/ +975 pic.twitter.com/qkzQ2VIQFP
— HODL15Capital 🇺🇸 (@HODL15Capital) September 2, 2024
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BlackRock And Bitcoin ETFs Saved BTC Price: Bloomberg Analyst
Published
23 hours agoon
September 15, 2024By
adminBloomberg analyst Eric Balchunas has asserted that BlackRock and the Bitcoin ETFs saved the BTC from massive decline. The analyst’s statement related to rumors that the world’s largest asset manager receives Bitcoin IOUs from the Coinbase crypto exchange. A popular crypto analyst has outlined a theory suggesting that the asset manager may be shorting BTC with these IOUs, leading to the coin’s decline at different times.
BlackRock And Bitcoin ETFs Saved Bitcoin Price
Balchunas stated in an X post that BlackRock and the Bitcoin ETFs repeatedly saved the BTC price “from the abyss.” The analyst made this statement to rebut arguments that traditional investors were to blame every time the coin declined. He added that he understands why these exist, as people want to “scapegoat the ETFs” because they find it hard to believe that the native HODLers could be the sellers.
However, Eric Balchunas claimed that these Bitcoin natives are indeed the sellers. He remarked that they are sabotaging the Bitcoin price, not traditional investors. Popular Bitcoin analyst Ali Martinez recently revealed how BTC miners had sold over 30,000 $BTC in three days, proving Balchunas’s point that the “call is coming from inside the house.”
#Bitcoin miners have sold over 30,000 $BTC in the last 72 hours, worth around $1.71 billion! pic.twitter.com/OuaiIo7QZ9
— Ali (@ali_charts) September 11, 2024
It is also worth mentioning that these Bitcoin ETFs contributed significantly to the BTC price reaching a new all-time high (ATH) of $73,000 in March earlier this year. These funds witnessed impressive net inflows upon launch, causing new money to flow into the BTC ecosystem and spark a rise in its price. BlackRock, in particular, has continued to hold on to its coins, recording only three daily net outflows since its January launch.
Coinbase Helping TradFi To Supress Bitcoin
There have been rumors that Coinbase is writing Bitcoin IOUs for BlackRock, leading to price suppression. Crypto analyst Tyler Durden is one of those who have continued to make such allegations. Earlier this year, the analyst explained that the crypto exchange’s IOUs to the asset manager means they can borrow as much Bitcoin to short and not show proof that they hold the coin 1:1.
I told everyone I went through the chain – I mean it’s a public ledger literally anyone can do it – Coinbase are writing IOUs for Blackrock.
Now everyone is waking up and hopefully Coinbase has a bank run.
Baldilocks is anti bitcoin. pic.twitter.com/GsnTSg0y6Q
— Tyler (@TylerDurden) September 14, 2024
To further prove his point that the world’s largest asset manager was suppressing BTC price with Coinbase’s help, Durden alluded to data from Cryptoquant. He claimed the US crypto exchange was the biggest buyer and seller on every bottom and top in this range. The analyst also opined that the asset manager will put a top on the market at some point and crash it or create a major pullback.
Meanwhile, Coinbase CEO Brian Armstrong responded to Durden’s allegations, clarified how ETF mints and burns are processed, and ultimately settled on-chain. He indicated there was no foul play, noting that they are audited and these reports are available to everyone. Armstrong added that they had no right to share the addresses of their institutional clients, including BlackRock.
At the time of writing, Bitcoin is trading at around $60,000. As Coingape reported, the projected rate cuts next week could benefit the BTC price. Historically, this macro event is bullish for the coin.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, Boluwatife is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin ETF
Bitcoin ETFs outflow $706m: BlackRock, WisdomTree buck trend
Published
1 week agoon
September 7, 2024By
adminOutflows from U.S. spot Bitcoin ETFs, or exchange-traded funds, surpassed $706 million this week as bears pushed Bitcoin to $53,304 — its lowest level since Aug. 5.
According to data from SoSoValue, the 12 spot Bitcoin ETFs logged $169.97 million in net outflows on Sep. 6, with Grayscale and Fidelity leading the pack.
- Fidelity’s FBTC shed $85.5 million, with the fund experiencing negative flows for the past seven trading days.
- Grayscale’s GBTC added to the exit liquidity, with $52.9 million leaving the fund, bringing total losses to over $20 billion since its inception. Over the past eight days, the fund has lost $279.9 million, continuing its outflow streak since Aug. 27.
- Bitwise’s BITB saw outflows of $14.3 million
- ARK 21Shares’ ARKB, $7.2 million
- Grayscale’s Bitcoin mini trust, $5.5 million
- Valkyrie’s BRRR, $4.6 million
BlackRock, WisdomTree avoid outflows
BlackRock’s IBIT and WisdomTree’s BTCW were the only Bitcoin ETFs that avoided outflows over the past week. However, they recorded no new inflows in the last two days.
This investor hesitancy coincides with Bitcoin’s recent dip. The bellwether crypto was back up to $54,333 at the time of writing after briefly touching $52,690—its lowest point since Aug 5. Yet BTC was down 3% over the past day.
Bitcoin is down 10.4% from its weekly high and 17.5% from its 30-day peak of $64,648, reached on Aug. 26. The turbulence intensified over the past 24 hours as $113.86 million in Bitcoin positions were liquidated, according to Coinglass.
Bitcoin’s price drop came amid growing unease in the crypto market, fueled by what is dubbed the “Redtember” seasonal slump and uncertainty over potential U.S. interest rate cuts. These factors dampened investor confidence and glorified market volatility.
According to data from Alternative, the widely monitored Crypto Fear and Greed Index still stands at 23, its lowest level in over a month. This indicates high investor anxiety and a risk-averse market environment.
Further downside expected
Technical indicators suggest that a death cross could form soon, with the 50-day and 200-day Exponential Moving Averages nearing a crossover. Death crosses are one of the most feared patterns in technical analysis. Bitcoin plummeted more than 67% after forming a death cross in January 2022.
Analysts on social media platform X also maintained a bearish outlook. According to crypto analyst Pushpendra Singh Digital, BTC is stuck in a falling wedge pattern.
He suggests a breakout above the wedge around the $57,800 to $58,000 range could lead to a strong upward move.
However, if BTC drops below the support trendline around $54,000, it could lead to further downsides.
Echoing this cautious sentiment, a 1D BTC/USDT chart shared by Crypto analyst Nika also highlighted Bitcoin’s struggle to climb above the $58,000 level.
If the cryptocurrency fails to clear this resistance zone, it could face a more significant downward path, with potential support levels at $45,000 and $42,000.
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blackrock
BlackRock's Bitcoin ETF Saw Highest Inflow in Over a Month
Published
3 weeks agoon
August 27, 2024By
adminOn Monday, BlackRock’s spot Bitcoin exchange-traded fund (ETF) saw its largest single-day inflow in over 35 days. The iShares Bitcoin Trust (IBIT) took in $224 million in net inflows.
NEW: 🇺🇸 While others are selling, BlackRock’s #Bitcoin ETF saw $224 in inflows yesterday.
Highest in over a month 🚀 pic.twitter.com/sCiSGhKzCp
— Bitcoin Magazine (@BitcoinMagazine) August 27, 2024
The sizable capital injection came as Bitcoin pulled back slightly from its recent rally. It highlights the continued strong demand for IBIT amid mixed flows for other spot Bitcoin ETFs. IBIT accounted for the bulk of Monday’s $202 million total inflows into U.S. spot Bitcoin ETFs, which was IBIT’s highest inflow since July 22nd.
Other spot Bitcoin ETFs saw divergent results. Franklin Templeton’s and WisdomTree’s Bitcoin ETFs added about $5 million each. However, Fidelity’s Bitcoin ETF saw $8 million in outflows, while Bitwise and VanEck posted outflows over $15 million.
The varied performance reflects diverse investor outlooks and strategies in the nascent Bitcoin ETF space. Nonetheless, inflows into IBIT and select other funds stretched the overall inflow streak to eight consecutive days.
With over $20 billion in net inflows, IBIT has cemented itself as the dominant spot Bitcoin ETF. BlackRock now holds over 350,000 bitcoins worth nearly $22 billion in the fund.
The asset manager recently added IBIT shares to its Strategic Global Bond Fund, underscoring its confidence. As mainstream adoption increases, BlackRock’s Bitcoin ETF is positioned to see steady inflows.
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