Fidelity’s spot bitcoin ETFs witnessed high outflows for once

As per SoSoValue data, for once, the spot bitcoin exchange-traded fund of Fidelity witnessed day-to-day net inflows reaching $22.61 million following its January registration. 

More US bitcoin funds entered the scene, announcing daily withdrawals totaling $27.58 million. The converted ETF from Grayscale lost $139.37 million, while the funds of 21Shares and Ark Invest were drained of $31.34 million. Bitwise saw an outflow of $6 million, while Valkyrie’s fund lost $20.16 million as well. 

Only Franklin Templeton’s fund witnessed day-to-day net inflows, collecting $1.87 million. Regarding BlackRock’s IBIT fund, there was no flow whatsoever, as per HODL 15Capital, a crypto analyst. 

In the opinion of an ETF expert with Bloomberg, James Deyffart, the occurrence of no flow is common with ETFs. 

From the viewpoint of an expert with NH Investment and Securities, Hong Song-uk, following bitcoin halving, there was no factor such as fund inflows. He adds that there has not been any tracking of bitcoin ever since.  

Currently, bitcoin is trading at $64,410. The past day had a liquidity of nearly $58.2 million worth of bitcoin. Out of that, $35 million were long positions.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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