Bitcoin exchange-traded funds (ETFs) in the U.S. have faced their largest-ever wave of outflows as the cryptocurrency slided below the $89,000 mark.
On February 25, the 11 Bitcoin ETFs experienced a combined outflow of $937.9 million, marking the sixth consecutive day of losses, according to data from Farside.
This trend comes amid a larger downturn in the market, with Bitcoin falling 3.4% in a single day, dipping from a peak of $92,000 to a low of $86,140.
eading the outflow was the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw a record $344.7 million leave, while BlackRock’s iShares Bitcoin Trust (IBIT) followed with $164.4 million in losses.
Other funds like Bitwise Bitcoin ETF (BITB) and Grayscale’s two Bitcoin-focused ETFs also suffered significant outflows.
With $2.4 billion leaving Bitcoin ETFs this month alone, many analysts are pointing to the shift as largely driven by hedge funds seeking quick profits through arbitrage strategies, rather than long-term investors.
CryptoQuant analyst Maartunn has highlighted an intriguing development that has added to the growing bearish sentiment in the cryptocurrency market: the sudden movement of 8,000 Bitcoin (BTC) that had been dormant for five to seven years.
Bitcoin mining firm MARA Holdings (MARA) is launching a new $2 billion stock offering, continuing its strategy of acquiring Bitcoin directly from the market.
Peter Schiff, a well-known critic of Bitcoin and prominent economist, has once again targeted the leading cryptocurrency.
gFidelity Investments’ Jurrien Timmer, the director of global macro, has weighed in on the ongoing debate about Bitcoin’s potential to surpass gold in market value. While he acknowledges that Bitcoin could eventually rival gold, he doesn’t foresee this happening anytime soon.