Fidelity's Bitcoin ETF Records First Outflow, Others Remain Inflow-Free
Several Bitcoin ETFs closed trading sessions with zero inflows on April 25.
Fidelity's Bitcoin ETF Records First Outflow, Others Remain Inflow-Free. Image: FXStreet
Nearly $23 million exited Fidelity's Wise Origin Bitcoin Fund (FBTC) yesterday (April 25). This marks the first instance of outflows for the financial giant Fidelity's Bitcoin ETF since its inception earlier this year.
However, Fidelity is not alone; products from other major players also reported outflows totaling an estimated $217.58 million.
Money flows in and out of Bitcoin ETF products (as of April 25, 2024). Source: Farside Investors
Bitcoin ETF Flow (US$ million) - 2024-04-25
— Farside Investors (@FarsideUK) April 26, 2024
TOTAL NET FLOW: -217.6
(Provisional data)
IBIT: 0
FBTC: -22.6
BITB: -6
ARKB: -31.3
BTCO: 0
EZBC: 1.9
BRRR: -20.2
HODL: 0
BTCW: 0
GBTC: -139.4
DEFI: 0
For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
According to data from SosoValue, Ark Invest's ETF saw $31.34 million outflows, Valkyrie's $20.16 million, and Bitwise's $5.99 million. Grayscale's GBTC suffered the heaviest blow, hemorrhaging $139 million.
Bitcoin ETF Spot Market Data on April 25, 2024. Source: SosoValue
Franklin Templeton's EZBC was the only fund with positive inflows for the day, gathering $1.87 million. BlackRock, Invesco & Galaxy Digital, VanEck, WisdomTree, and Hashdex saw no inflows at all. BlackRock's Bitcoin ETF even broke its streak of inflows after 71 consecutive days.
Nevertheless, according to Bloomberg ETF analyst James Seyffart, zero inflows are a normal occurrence in the ETF market. Hong Song-uk, representative of NH Investment and Securities, echoed this sentiment:
"Inflows into ETFs tend to stagnate post Bitcoin halving, as no imminent events draw attention to Bitcoin in the near term."
The subdued ETF activity has temporarily halted Bitcoin's short-term upward momentum. The flagship coin has dropped nearly 10% this month, trading around $64,152 per coin.
BTC/USDT 1D chart on Binance as of 12:10 PM on April 26, 2024
Approximately $58.2 million worth of Bitcoin was liquidated in the past 24 hours, with $35 million coming from short positions, according to Coinglass.
Derivative market liquidation data, screenshot from CoinGlass at 12:00 PM on April 26, 2024
