Bitcoin staged a recovery, climbing above $58,000 despite U.S. Bitcoin spot exchange-traded funds (ETFs) witnessing a $105 million outflow on Wednesday, shedding 1,782 BTC. The cryptocurrency rebounded by 2.8% to reach $59,659.
This outflow marked the second consecutive day of withdrawals following an eight-day streak of inflows for the U.S. ETFs. Investor confidence appeared shaky as Bitcoin struggled to maintain levels above $60,000.
Ark Invest reported that their 21 Shares led the outflows for U.S. ETFs for the second day in a row. ARKB divested 1,003 BTC ($59.27 million) on Wednesday, following a sell-off of 1,717 BTC ($102 million) the day before. Despite these movements, Ark Invest has seen a cumulative net inflow of $2.37 billion, with a net asset value of $2.69 billion.
Fidelity’s FBTC and VanEck’s HODL also experienced similar outflows, selling 176 BTC ($10.37 million) and 171 BTC ($10.07 million) respectively. Both funds showed no activity on August 27, suggesting a cautious stance from investors.
The combination of the two Grayscale funds, GBTC and BTC, sold 284 BTC ($16.75 million) on Wednesday. GBTC recorded a net outflow of $7.98 million, while BTC saw assets worth $8.77 million being offloaded. Despite its positive performance post-launch on July 31, the Grayscale Mini Trust experienced its first outflow, despite amassing a cumulative inflow of $348 million due to its competitive annual management fee.
Bitwise’s BITB sold 147 BTC ($8.73 million) on Wednesday, while BlackRock maintained zero flows for the second straight day. Notwithstanding these outflows, U.S. ETFs continue to rank among the top-performing funds globally, with a cumulative inflow of $17.85 billion and assets under management (AUM) of $54.32 billion within just eight months of trading.
In summary, despite the outflows observed in U.S. Bitcoin spot ETFs, they remain robust performers in the market. Investors are advised to conduct comprehensive research before making investment choices to manage financial risks effectively.
