Outflows Hit $284 Million
Institutional investors are fleeing Bitcoin as the crypto market remains uncertain. Last week, Bitcoin investment products saw a staggering $284 million in outflows, mostly from US Spot Bitcoin ETFs.
US Spot Bitcoin ETFs Take a Hit
These ETFs had a particularly rough week, with even BlackRock’s iShares Bitcoin Trust experiencing its first day of outflows. CoinShares believes this is due to Bitcoin falling below $62,000, triggering automatic sell orders.
Institutional Investors Panic Sell
Despite mixed feelings towards these funds, Bitcoin’s recent price drop caused institutional investors to panic sell. However, Hong Kong’s Spot Bitcoin and Ethereum ETFs provided a bright spot with $307 million in inflows.
Ethereum and Altcoins See Inflows
Ethereum broke its streak of outflows with $30 million flowing into investment products. Other altcoins like Avalanche, Cardano, and Polkadot also saw inflows.
Spot Bitcoin ETFs Still Struggling
Despite Grayscale’s GBTC recording inflows, Spot Bitcoin ETFs continue to face outflows. On May 7, these funds saw a net outflow of $15.7 million, primarily from GBTC.
Bitcoin Price Impacted
These outflows have negatively impacted Bitcoin’s price, with the flagship crypto trading at around $62,300 at the time of writing, down over 2% in the last 24 hours.
