Fidelity’s Spot Bitcoin ETF sees second largest outflow

Of late, 11 US spot Bitcoin exchange traded funds (ETFs) witnessed net outflows amounting to $226.21, an enormous figure by any count. 

In the case of Fidelity’s FBTC, it experienced reaching the figure of $106 million, its second-highest figure, in terms of net outflow. Grayscale mentioned the amount to the tune of $62 million, whereas, Ark Invest and 21Shares’s ARKB witnessed the figure of $53 million being extracted from its account. 

Bitwise and VanEck came up with the figure of $10 million, whereas Invesco and Galaxy Digital’s BTCO showed the amount of $3 million. BlackRock’s IBIT is the only entity that came up with a net inflow, reining in $18 million. 

Following the listing towards the early part of the year, the 11 spot Bitcoin ETFs have managed to collect the amount of $15,30 billion, in terms of net inflows. Bitcoin’s value has dropped by 1.48%, standing at $66,704. 

Elsewhere, Gary Gensler, the chair of the SEC, mentioned the fact that its opinion on the spot ether funds will be shared soon. It has passed its positive verdict regarding spot ether ETF applications, with suppliers anticipating their respective S-1 listings to be activated. JPMorgan’s analysts predict a November start. 

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On being introduced, it is presumed that spot ether funds may come in for 20% of investments, presently traveling towards spot Bitcoin ETFs. 

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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