BlackRock's Bitcoin ETF recorded its first net outflow since May 2023, amidst ongoing outflows from other major cryptocurrency funds.
ARKB Sees Net Inflows
The only Bitcoin ETF that saw net inflows was ARKB by Ark and 21Shares, which received $5.34 million. Meanwhile, $22.86 million was withdrawn from Grayscale’s GBTC, $31.11 million from Fidelity’s FBTC, $8.09 million from Bitwise’s BITB, and $1.68 million from Valkyrie’s BRRR.
Bitcoin Falls Below $60K
Over the past 24 hours, the price of Bitcoin fell below the psychological mark of $60K, currently trading at $59,457.09. Trading activity across all 12 funds also dropped to $1.64 billion from the previous day's $2.18 billion.
Analyst Predicts Bitcoin Growth Post PCE Data
Renowned trader and analyst Michaël van de Poppe stated in an X post that Bitcoin continues to act within crucial levels. He speculated that after the Personal Consumption Expenditure (PCE) data release, Bitcoin would start grinding upward. Van de Poppe also identified the $61K price point as a critical level for sustained growth.
The net outflow from BlackRock's Bitcoin ETF and other funds follows a broader trend of declining trading volumes. However, some analysts see potential signs of growth in the cryptocurrency market following the release of economic data.
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