The Spot Bitcoin ETFs, like the Bitcoin price, have had a dramatic trading week. Over the entire week, Grayscale sold 30,582 Bitcoin, while the New Nine Spot Bitcoin ETFs bought 17,018. Bottom line, 13,564 Bitcoin flowed out of the ETFs.
Five days of misery for Bitcoin ETFs
All told, the Spot Bitcoin ETFs have seen five straight days of outflows this week, which is an all-time record.
There was a bright spot yesterday. Small investors seem to be cautiously getting back in. While they had been net sellers for the past 3 months, we now saw green numbers for them for the first time.
It would be great if this development continues and the ETFs start buying again. Then we can get the price action everyone is hoping for.
An important flipping?
The Grayscale ETF remains the main “culprit” so far when it comes to the negative pressure on the Bitcoin price. Since the launch of the fund as an ETF on January 11, Grayscale’s stock has already fallen from 619,200 to 347,587 Bitcoin.
It won’t be long before BlackRock’s Spot Bitcoin ETFs are bigger than Grayscale’s. As you can see in the graph below, BlackRock has already managed to collect 243,125 Bitcoin.
Another positive force in the market seems to be the mysterious “Mr. 100”. This is an as yet unknown entity that buys its Bitcoin per 100 pieces (hence the name).
Yesterday the entity bought 18x 100 pieces of Bitcoin and with it all BTC mined over the past 2 days. The whale in question now owns 55,000 Bitcoin worth ~$3.5 billion.
Valid for 1 month: Grab your 20 Euro bonus now at Bitvavo
Are you about to discover the crypto world and are you considering buying Bitcoin or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and the Dutch crypto exchange Bitvavo, our readers receive an exclusive offer
Only Available for 30 Days: register with Bitvavo via the button below and receive a welcome gift of 20 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!
Source: https://newsbit.nl/extreem-donkere-week-voor-spot-bitcoin-etfs-5-dagen-van-uitstromen/
