The US spot Bitcoin exchange-traded fund market continued its recent streak of outflows, with another $338.4 million in outflows on December 24th.
The US Spot Bitcoin ETF has currently recorded net outflows over the past four trading days. This streak coincides with a period when BTC price has been suffering from downward pressure since falling from an all-time high of over $108,000.
On Tuesday, Bitcoin rebounded from an intraday low of $94,000 to trade above $98,000.
However, traders saw net outflows of more than $338 million, bringing the total amount of funds withdrawn from U.S. spot Bitcoin exchange-traded funds in four days to $1.52 billion, according to SosoValue data. Ta.
Bitcoin plummet and ETF outflow
Following Monday's decline and capital outflows, QCP's market analysts shared their outlook on the market. They posted on X:
“Bitcoin’s anticipated year-end rally has deflated. Instead, the $49.3 million Mt. Gox #BTC movement caused a 14% decline, reaching 92.5k before bouncing back to 95k. ETFs saw outflows for the third day in a row as liquidity dried up and sentiment weakened.
As for individual funds, BlackRock's IBIT recorded exits of $188.7 million on Tuesday, while Fidelity's FBTC and Ark and 21Shares' ARKB posted negative flows of $83 million and $75 million per day, respectively. Recorded.
However, the Bitwise ETF $BITB had net inflows of $8.5 million.
These daily outflows occurred during a week when BTC price fell to nearly $92,000. It was also the week that MicroStrategy, the world's largest BTC holder, made an additional acquisition, bringing its total holdings to 444,262 BTC.
Michael Saylor, Founder and Executive Chairman of MicroStrategy, commented:
“Last week, $MSTR Treasury operations resulted in a BTC yield of 0.72% and a net profit of approximately 3,177 BTC. At $94,000 per BTC, that equates to a $299 million gift to shareholders.”
Saylor further commented on the company’s latest BTC purchases at an average price of $106,000, adding about X:
“If you don’t buy Bitcoin at the highest price, you’re leaving your money on the table.”
Interestingly, MicroStrategy has also filed a regulatory filing asking shareholders to vote on increasing its stock holdings by 10 billion shares, a plan that could make Bitcoin's incredible splash possible.
Before yesterday's outflow and the series of outflows, the 12 Spot Bitcoin ETFs had posted 15 consecutive days of net inflows. In total, the 15-day positive flows amounted to $6.7 billion. The most recent streak ended on December 18th.
At the time of writing this article on December 25th, the price of Bitcoin was $98,569. Its value against the US dollar has increased by 5% in the past 24 hours.
Even excluding the gains seen over the past month, Bitcoin is up 128% over the past year. Bulls are likely to target a jump to $100,000 during this holiday week.
