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Bitcoin ETFs Continue Bleeding — $140 Million Outflow Registered

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Fri, 21/06/2024 - 11:40
Bitcoin ETFs Continue Bleeding — $140 Million Outflow Registered
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According to a recent report, on June 20, spot Bitcoin exchange-traded funds (ETFs) saw a massive outflow of $140 million, marking the fifth consecutive day of BTC outflows from these entities.

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This data was shared by popular cryptocurrency journalist and blogger Colin Wu on his X account. Wu specified that Grayscale’s ETF, GBTC, lost $53.1 million in a single day. BlackRock’s ETF IBIT faced an outflow of $1.4791 million. However, currently, IBIT holds a total of $17.643 billion in BTC holdings.

Over the past five days, Grayscale has lost $232 million. This is still less than what has been lost by Fidelity (FBTC) over the same period of time — $413 million.

These outflows have been taking place while, this week, the world’s flagship cryptocurrency, Bitcoin, gradually plunged by nearly 5.2% as it lost the $67,000 price level. At the time of this writing, BTC is changing hands at $63,880.

Related

Smart whale sells large BTC chunk

@lookonchain analytics account has shared that while ETFs are selling their BTC, a smart whale has followed suit. This trader transferred 660 BTC to the Binance exchange to sell. The tweet also shared some details about this whale’s previous successful trades.

In the last year, he traded large amounts of BTC twice, making a healthy profit on each those trades — more than $30 million overall.

In one of these large trades, the trader purchased 718 Bitcoins between August and November last year at roughly $29,385 and then sold them at $41,953 in December, earning $9 million (+43%).

The second trade concerned the 1,181 BTC he bought between February and May 13 this year. The whale sold this Bitcoin on May 27 and June 20, earning $21.2 million (+37%).

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