US Bitcoin ETF Sees 4th Straight Outflow Of $51M, HK ETF Debut Propels BTC

The U.S. Spot Bitcoin ETFs have witnessed their fourth consecutive day of outflows. These ETFs witnessed a total of $51.6 million net outflows the market on Monday, April 29. This trend follows a week of substantial outflows, highlighting a notable shift in investor sentiment.

U.S. Bitcoin ETF Outflow Continues

Breaking down the figures, Grayscale’s Bitcoin Trust (GBTC) experienced significant outflows, with a staggering $24.7 million withdrawn from the fund. Similarly, ARK Invest’s ETFs saw a notable decrease, with $31.3 million exiting their portfolios. However, it’s worth noting that Blackrock maintained a stable position with zero ETF flows, according to Farside UK data.

Meanwhile, the Bitwise Bitcoin ETF stood out with $6.8 million inflow, marking a significant rebound. However, Fidelity Wise’s FBTC recorded a surge in outflow with $6.9 million drained out. Whilst, Valkyrie’s BRRR Bitcoin ETF attracted $2.7 million inflows and Franklin Templeton’s EZBC ETF reported $1.8 million influx.

Reflecting on the broader context, last week marked the weakest performance for Bitcoin ETFs. Over the past week, these ETFs noted a total outflow of $328 million across various funds. Notably, Grayscale’s GBTC led the pack with significant withdrawals. Meanwhile, the BlackRock Bitcoin ETF kept reporting zero flows.

Despite the ongoing outflows, the price of Bitcoin has managed to hold steady at $63,500. The recent introduction of Hong Kong ETFs has added a new dynamic to the market. After the launch, anticipation-driven buying and selling was observed during the initial trading hours.

Also Read: Hong Kong Bitcoin ETFs Offer These Advantages Over The US ETFs

BTC Price Today

In contrast to the overall trend, prominent Bitcoin advocate and MicroStrategy CEO Michael Saylor continues to boost his holdings. He recently purchased an additional 112 BTC at an average price of $64,000. Saylor’s consistent buying strategy, along with similar actions from entities like Tether and El Salvador, is seen as a driving force behind potential price increases in the future.

In addition, the Hong Kong Bitcoin ETF launch has propelled the BTC price lately. At press time, the BTC price was up by 1.82% to $63,385.73 on Tuesday, April 30. Meanwhile, the crypto held an enormous market cap of $1.24 trillion. Furthermore, the BTC trading volume soared 23.81% to $25.25 billion in the last 24 hours.

Also Read: Bitcoin and Ethereum ETFs Go Live In Hong Kong, Will They Meet Expectations?