Wall Street’s Crypto Engine Loses Power as ETFs Shed Millions
(Bloomberg) — For a market that treats Bitcoin ETF flows as an indicator of demand for the underlying token, recent outflows from these funds are stoking fears that the decline in crypto prices has further to go.
Investors yanked nearly $1 billion from ETFs tracking Bitcoin during the latest session, the second-biggest daily outflow on record for the group of 12 funds, according to data compiled by Bloomberg. BlackRock Inc.’s Bitcoin fund (ticker IBIT) suffered a $355 million exodus, followed by Grayscale’s GBTC and Fidelity’s FBTC, which shed nearly $200 million each. The cohort is also on track to post its worst weekly outflow since February.
