Bitcoin ETF Outflows Surge Past $750 Million

Bitcoin exchange-traded fund (ETF) outflows have reached a staggering $750 million in just two days, mirroring a broader decline in the crypto market. This significant sell-off continues a bearish trend observed over the past month.

Bitcoin ETF Outflows Continue

Since receiving SEC approval last year, Bitcoin ETFs have significantly impacted the market. However, recent activity shows a sharp reversal. BlackRock, the largest issuer, alone shed approximately 2,000 BTC in the last 24 hours. This follows $2.7 billion in outflows at the end of February and four consecutive weeks of negative flows.

Collectively, ETF issuers now hold less Bitcoin than Satoshi Nakamoto, a stark contrast to three months ago when they significantly surpassed his holdings. This rapid reversal raises questions about the market's future trajectory.

This downturn marks seven consecutive days of outflows, with BlackRock's IBIT product leading the losses, reporting $151 million in outflows in the last 24 hours alone.

Analyst Perspective

Analyst Shaun Edmondson noted the surprising scale of outflows, particularly given bullish signals from the SEC and the growing interest in national Bitcoin reserves. He observed that this trend contradicts the positive narrative surrounding Bitcoin's institutional adoption.

While the broader market experienced significant outflows, impacting Bitcoin's price, the recent positive US CPI report offered some short-term relief. However, the long-term impact of these massive ETF sell-offs remains uncertain.

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Disclaimer: This information is for educational purposes only. It is not financial advice. Always conduct thorough research and consult with a financial advisor before making any investment decisions.