What to know:
- U.S. spot listed bitcoin ETFs are experiencing three consecutive days of outflows totaling $494 million.
- The price of Bitcoin is hovering around $96,000, remaining in a trading range established since mid-November.
U.S. spot-listed Bitcoin (BTC) exchange-traded funds (ETFs) have reported three days of outflows totaling $494 million. The largest outflow was noted on Wednesday, which accounted for $251 million. BlackRock’s iShares Trust (IBIT) experienced a $22.1 million outflow, while Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the highest outflow of $102 million, as per Farside data.
The outflows have occurred alongside a low trading volume across ETFs, with only $2.58 billion traded overall on Wednesday. IBIT reported less than $2 billion in volume, ranking it as the tenth most traded U.S. ETF, according to Coinglass data. Typically, IBIT is among the top five most traded ETFs when Bitcoin’s price surges or gains momentum.
The recent Goldman Sachs filing regarding Bitcoin ETFs highlighted a declining interest in establishing new long positions within these funds, primarily serving as trading mechanisms. Bitcoin is currently valued at $96,000, positioned within a trading range between $90,000 and its peak of $109,000, which was established in mid-November.
