Bitcoin ETF Outflows Continue as Market Struggles
The US spot Bitcoin exchange traded funds market continued its streak of outflows with another $338.4 million exiting on Dec. 24.
Market Trends
- US spot Bitcoin ETFs have recorded net outflows over the past four trading days.
- Bitcoin price has been facing downside pressure since dropping from its all-time high above $108k.
- Bitcoin recovered from intraday lows of $94k to trade above $98k on Tuesday.
ETF Performance
- Traders saw net outflows of over $338 million in the past four days.
- BlackRock’s IBIT saw $188.7 million exit on Tuesday.
- Fidelity’s FBTC and Ark and 21Shares’ ARKB recorded $83 million and $75 million in negative daily flows respectively.
MicroStrategy’s Bitcoin Acquisition
- MicroStrategy acquired more BTC, bringing its total holdings to 444,262 BTC.
- The company’s treasury operations resulted in a BTC Yield of .72%.
- MicroStrategy founder Michael Saylor commented on the benefits of buying Bitcoin.
Market Outlook
- Before the recent outflows, the 12 spot Bitcoin ETFs had registered 15 straight days of net inflows.
- The price of Bitcoin stood at $98,569 at the time of writing on Dec.25.
- Bitcoin is up 128% in the past year, with potential for a surge to $100k during the holiday week.
