U.S. spot Bitcoin ETFs have continued to lose momentum amid the ongoing crypto market downturn as retail and institutional investors appear to be trading with caution.
Over the past few days, Bitcoin ETFs have failed to record any fresh capital intake. Rather, some of the funds have either logged zero inflow or see notable withdrawals from investors.
Following the persisting negative trend, the Bitcoin ETFs have recorded another massive outflow during their last trading session, marking their fifth day of consecutive outflows.
$103.57 million exit spot Bitcoin ETFs
Latest data from SoSoValue shows that the total daily ETF flows logged by all Bitcoin funds has remained negative as they have seen a massive $103.57 million in outflow as of Jan. 23.
This negative performance extends the persisting bearish trend seen across the market and other ETF products, including Ethereum-related products.
Amid the consistent daily outflow, the cumulative total net inflow across the U.S. Bitcoin spot ETFs have plunged mildly, yet it remains strong at $56.49 billion as surging market fears continue to outweigh demand.
Bitcoin retests $87,000
The current Bitcoin price correction, which has come shortly after the strong rally witnessed earlier this year, has seen Bitcoin retreat from a high near $98,000 to a low of $87,000 in just a few days.
Following the sharp price decline, Bitcoin has remained in the red zone for the past days, and investors are beginning to trade with caution as optimism begins to grow weak.
While selling pressure has continued to rise, Bitcoin is currently trading around $88,646, showing a decline of 0.83% over the last 24 hours, according to data from TradingView.
Nonetheless, BlackRock has continued to lead the Bitcoin ETF market even in times of weakness, and it has solely contributed to over 99% of the outflow recorded on the day.
During the last trading session, the BlackRock Bitcoin ETF saw $101.62 million in outflow.
Caroline Amosun
Tomiwabold Olajide
Arman Shirinyan