GBTC - Bitcoin Spot ETFs Experience Record $564M Outflows Expert Attributes It To 'Combination' Of Forces | Benzinga
Bitcoin (CRYPTO: BTC) spot ETFs recorded substantial net outflows on Wednesday, marking a significant realignment in investor sentiment.
What Happened: According to data from SoSoValue, the total net outflow from these ETFs reached a record high of $564 million in a single day.
Among the impacted, Grayscale‘s (OTC:GBTC) saw an outflow of $167 million, BlackRock‘s (NASDAQ:IBIT) registered its first net outflow of $36.93 million, and Fidelity‘s (BATS:FBTC) experienced the most considerable withdrawal of $191 million. Ark’s (BATS: ARKB) saw a net outflow of $98.11 million.
Amid these substantial outflows, Robert Quartly-Janeiro, Chief Strategy Officer at Bitrue, sheds light on the underpinnings of these market movements.
He explains that the outflows are driven by a blend of prolonged ...