Bitcoin ETFs Witness Third Highest Outflow Since Launch, the Other Two Times Foreshadowed Price Bottoms

“Bitcoin’s price has now corrected approximately 6% since the all-time high break on Nov. 13.”, — write: www.coindesk.com

U.S. spot-listed ETFs saw their third biggest outflow since launch, over $400 million.
Each time we see an outflow greater than $400 million, we have seen a local bottom in price, which can be seen on May 1 and Nov. 4.

01:01

Bitcoin Breaks $64K While Gold Soars

00:56

ETH/BTC Ratio Slid to Lowest Since April 2021

00:57

Is Bitcoin Losing Its Bullish Momentum?

U.S.-listed bitcoin (BTC) exchange-traded funds (ETFs) saw their third-largest outflow since launch, seeing $400.7 million being drained on Thursday, according to Farside data.

During yesterday’s trading, bitcoin witness low of around $86,600 and highs of near $92,000. Bitcoin has corrected nearly 6% from its all-time high on Nov. 13, when it pushed past $93,000.

This price action isn’t too concerning, as typically, once bitcoin sets new all-time highs, investor tend to take out their profits. In the past three days investors have cashed in $15 billion, according to Glassnode data. Bitcoin has soared over 25% since Donald Trump was elected the new U.S. president, earlier in the month.

BlackRock’s IBIT saw inflows of $126.5 million, continuing the trend of strong inflows since Nov. 7. However, Fidelity’s FBTC saw outflows of $179.2 million, Bitwise BITB saw $113.9 million being drained, Ark’s ARKB bled $161. 7 million, while both Grayscale products saw combined outflows of $74.9 million.

Since the launch of the ETFs, Thursday was the third worst day for the bitcoin-linked products. Interestingly, the other two times the ETFs saw outflows of over $400 million was on Nov. 4 ($541.1 million), just prior to the U.S. election, and May 1 ($563.7 million). On Nov. 4, bitcoin bottomed around $67,000 before going on a tear all the way to over $93,000. While the May low coincide with a bottom at just under $60,000.

We will have to wait and see if the ETF flows signal another bottom and history repeats itself.

On the other hand, ether (ETH) ETFs saw their first outflow in nearly two weeks, with investors taking out $3.2 million.

Edited by Parikshit Mishra.

Disclosure

Please note that our

cookies,

and

do not sell my personal information

have been updated

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of

editorial policies.

CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

As the senior analyst at CoinDesk, James specializes in Bitcoin and the macro environment. His previous role as a research analyst at Swiss hedge fund Saidler & Co. introduced him to on-chain analytics. He monitors ETFs, spot and futures volumes, and flows to understand Bitcoin.

Follow @btcjvs on Twitter

Name	Price	24H (%)
Bitcoin(BTC)	$88,813.00	0.75%
Ethereum(ETH)	$3,034.79	-1.69%
Tether(USDT)	$1.00	0.02%
Solana(SOL)	$209.43	-0.84%
BNB(BNB)	$609.57	-3.46%
Dogecoin(DOGE)	$0.359261	-7.55%
XRP(XRP)	$0.88	22.83%
USDC(USDC)	$1.00	0.12%
Lido Staked Ether(STETH)	$3,029.84	-1.86%
Cardano(ADA)	$0.66	19.26%

Login

Register

Related posts

Leave a Comment Cancel Reply