US Bitcoin ETFs have seen a notable outflow of funds continuing for the seventh consecutive day.
Analysis of the Massive Outflows
According to SoSoValue data, 12 Bitcoin ETFs recorded a net outflow of $754.53 million in a single day. BlackRock’s IBIT leads this with an outflow of $418.06 million. Fidelity's ETF continued its streak of outflows.
Reactions from Market Participants
ETF Store President Nate Geraci expressed dissatisfaction with traditional finance's stance on Bitcoin, noting that despite challenges, Bitcoin remains in demand.
Long-term Outlook for Bitcoin ETFs
Bloomberg analyst Eric Balchunas highlighted that despite the large outflows, they represent less than 2% of assets, with over 98% of money still held in ETFs. He emphasized the importance of accepting market volatility as part of its cycle.
Despite current outflows, the outlook for Bitcoin ETFs remains positive, indicating resilience and continued interest in cryptocurrency.
