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Bitcoin ETFs experienced a second day of no inflows, losing $64.1 million in the process.
The 11 Bitcoin ETFs recorded a net outflow of $64 million from 4 ETF products, while the rest recorded no transaction.
Over the past two weeks, the Bitcoin ETF products have recorded more net Outflows than inflows reflecting the bearish nature of the crypto market at the moment.
Farside Investors UK Revealed that Fidelity’s FBTC led the outflows for the day, losing $48.4 million.
ARK 21 shares ARKB followed suit with a $8.7 million outflow. VanEck’s HODL lost $4.8 million, while Valkryk’s BRRR recorded the least outflow for the day, losing $2.2 million.
Bitcoin has been affected by a combination of factors this month, leading to its price stabilization.
Factors like Reduced Volatility and Market Consolidation have seen Bitcoin Price fluctuate between $94,000 and $100,000.
Divergence from U.S. Stock Market Trends and Macroeconomic Factors and Investor Behavior
Finally, the release of a higher-than-expected U.S. Consumer Price Index (CPI) led to initial declines in Bitcoin’s price. Concerns over prolonged elevated interest rates have dampened demand for risk assets, leading to a drop in the price of Bitcoin.
At the time of the report. Bitcoin, the flagship crypto asset, is exchanging hands for $97,085, surging by 1.4% in the past 24 hours.
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