The world's largest asset manager, BlackRock, has recorded its first losses in its Bitcoin ETF, ending a two-week positive trend in the cryptocurrency market.
BlackRock's Losses in Bitcoin ETF
According to data from Farside Investors, BlackRock recorded a net outflow of $9.1 million on September 9. These are the first negative flows for the company since August 29. On the same day, Grayscale (GBTC) recorded an outflow of $22.8 million, which is also a notable event in the market.
Bitcoin Prices Under Pressure
Despite the net inflow for most asset managers, Bitcoin's price remains under pressure. As of the time of writing, CoinMarketCap data shows Bitcoin trading at $57,263.11, a 3.65% increase over the last 24 hours. The ongoing fluctuations and volatility in cryptocurrency markets remain significant factors.
Positions of Other Asset Managers
Despite the outflows from BlackRock and Grayscale, other companies such as Franklin, Valkyrie, VanEck, WisdomTree, and the Grayscale Bitcoin Mini Trust did not record any outflows. Fidelity (FBTC) led the pack with inflows of $28.6 million, followed by Bitwise (BITB) with $22 million, ARK 21Shares (ARKB) with $6.8 million, and Invesco (BTCO) with $3.1 million.
Thus, despite the outflows from some large asset managers such as BlackRock and Grayscale, most others are showing positive results. Bitcoin's price remains under pressure, creating volatility in the cryptocurrency market.
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