50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Bitcoin ETF outflows keep tight rein on spot prices

Published 08/05/2024, 09:43
Bitcoin ETF outflows keep tight rein on spot prices
BTC/USD
-

Proactive Investors - Bitcoin closed 1.3% lower on Tuesday and has traded flat this morning, with the BTC/USD swapping for $62,228 at the time of writing.

Net outflows in the exchange-traded fund space continue to cause price compression on spot prices.

Matteo Greco, research analyst at Fineia International, stated: “Last week continued the trend of net outflows for BTC ETFs for the fourth consecutive week, indicating a short-term negative trajectory observed over recent weeks.

“ETFs with BTC as the underlying asset saw approximately $433 million in outflows during the week, up from the $325 million outflows seen the previous week.

“However, there were two consecutive days of inflows observed between Friday of last week and Monday of this week, marking the first positive inflows after seven consecutive days of net outflows.

“It's worth noting that on Friday of last week, the Grayscale ETF (GBTC) saw its first day of net inflow following the conversion of its product from a trust to an ETF.”

Ethereum (ETH), the second-largest cryptocurrency, closed nearly 2% lower on Tuesday and was trading just above $3,000 at the time of writing.

Global cryptocurrency market capitalisation currently stands at $2.29 trillion, with bitcoin dominance at 53.6%.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.