Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
The cryptocurrency market experienced a wave of mixed signals on Thursday, with Bitcoin (CRYPTO: BTC) spot exchange-traded funds (ETFs) registering net outflows while geopolitical tensions flared.
What Happened: According to data from SoSoValue, Bitcoin spot ETFs saw a total net outflow of $4.38 million on Thursday.
This movement reflects investor sentiment within these regulated investment vehicles, which offer a more traditional way to gain exposure to Bitcoin.
Grayscale’s Bitcoin Investment Trust (OTC:GBTC), the world’s largest Bitcoin fund, witnessed a significant net outflow of $89.99 million. This adds to GBTC’s historical net outflow, which now stands at a substantial $16.68 billion.
However, the market also saw positive inflows into other Bitcoin spot ETFs.
Fidelity‘s Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) recorded the highest net inflow for the day, attracting $37.39 million.
BlackRock‘s iShares Bitcoin Trust (NASDAQ:IBIT) ETF also saw inflows of $18.76 million.
These contrasting flows highlight the diverse investment strategies within the Bitcoin ETF landscape.
Also Read: What Happens After The Bitcoin Halving?
Why It Matters: The mixed ETF flows coincided with rising geopolitical tensions.
News of an Israeli attack on Iran sent shockwaves through the market, causing both Bitcoin and Ethereum to briefly fall below key support levels.
Bitcoin dipped below $60,000, while Ethereum (CRYPTO: ETH) dropped under $2,900.
It’s worth noting that despite the price drop, the amount of leverage liquidated was relatively modest. Both cryptocurrencies swiftly shook off the price dip, with Bitcoin rebounding to $65,300 and Ethereum to $3,100.
What’s Next: The interplay between geopolitical events, investor sentiment, and on-chain activity paints a complex picture for the cryptocurrency market.
Investors seeking to navigate these uncertainties and gain insights into the evolving ETF landscape can benefit from attending Benzinga’s Future of Digital Assets conference on Nov. 19.
Read Next: How The Bitcoin Halving Could Impact Your Investment
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