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    Bitcoin ETF $79M outflow ends 2-week bull run amid ‘sideways’ BTC price

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    Bitcoin ETFs recently had a net outflow of $79.1 million in a day, with $134 million coming from the ARK 21Shares Bitcoin ETF product. This cooling of interest has occurred even though Bitcoin’s price remains around 10% of its peak. In spite of this, a fifth of all Bitcoin is held in these institutional ETFs, with over 1,000 institutions investing in Bitcoin this year thanks to ETFs. European investors have invested over $100 million into US Bitcoin products, with total inflows surpassing $20 billion for the first time.

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    Big-time Bitcoin buyers are putting their latest shopping spree on hold as Bitcoin price action hangs tight. It seems that the inflow of money into US Bitcoin exchange-traded funds (ETFs), which are kind of like stocks for Bitcoin, swung into the negative recently – something we haven’t seen in two weeks. This data is according to a UK money firm named Farside Investors.

    As Bitcoin’s price cools down, it seems so does the interest in Bitcoin ETFs, even though the price of Bitcoin is still hovering around 10% of its highest ever value. US ETFs saw a net outflow of money worth $79.1 million in a single day, specifically on October 22.

    The bulk of this outflow ($134 million to be exact) came from a particular ETF product, called the ARK 21Shares Bitcoin ETF. Farside Investors’ data shows that other products either saw money come in or no action at all. BlackRock’s iShares Bitcoin ETF, the largest of its kind in terms of assets under management, only managed to pull in $43 million. This figure is quite low when compared to the $329 million this same ETF pulled in just the day before.

    Now don’t worry, Bitcoin’s price is not plummeting; it’s just kind of hovering around $67k, according to a popular commentator named WhalePanda. The last time that the US Bitcoin ETFs saw a day-end net outflow was on October 10, when they lost a comparative $81.1 million.

    Bitcoin ETFs had been making major headlines over the past month. A guy named Ki Young Ju, who co-founded an analytics platform called CryptoQuant, revealed that about 20% of all Bitcoin is currently held in these institutional ETFs. He added that, thanks to these ETFs, over 1,000 institutions have invested in Bitcoin this year alone.

    European investors are also getting in on the action – they’ve put over $100 million into the US Bitcoin products so far this year. Last week, total inflows crossed the $20 billion mark for the first time ever, with total assets under management hitting a whopping $65 billion.

    Onchain analytics firm Glassnode called this recent success of the Bitcoin ETFs one of the biggest market stories recently. They pointed out that the US Bitcoin ETFs saw over $5 billion in net inflows in Q3, indicating a strong demand for direct Bitcoin exposure among big-money investors, making it easier for a bunch of people to get in on the Bitcoin action without any of the usual hurdles of direct ownership.

    Just a heads up – this isn’t financial advice. All investments and trading moves involve risk, so do your homework before making a decision.

    Source: Cointelegraph

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