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A torrent of cash flowing in for new products over several months. Bitcoin Exchange Traded Fund (ETF) It finally came to a standstill. Investors reportedly pulled nearly $218 million out of the product yesterday. data It is a product of Farside Investors, a London-based investment firm.
The significant cash outflow comes after a major federal economic report. indicated The U.S. economy grew more slowly than expected in the first quarter. The indicator likely means the Federal Reserve will not cut interest rates anytime soon after raising them to a 23-year high to fight inflation.
If interest rates remain high, investors will generally avoid “risky” assets like Bitcoin.
Last January, the Securities and Exchange Commission Approved 11 Bitcoin ETFs. The fund provides investors with exposure to cryptocurrencies by purchasing the following stocks: BitcoinPricing via brokerage account.
They became so popular that a record amount of money was spent on the product within weeks of its release. BlackRock’s iShares Bitcoin Trust (IBIT) has been particularly popular.
However, after 71 days of inflows yesterday, there have been no inflows into IBIT. And Grayscale’s ETF lost $139.3 million, while Fidelity’s fund (FBTC) lost $23 million. This is the first loss from a product since its launch.
that much bitcoin price It is currently at $63,562, down 1.1% over 7 days. Last month, the largest coin hit a new high of nearly $74,000 per coin, but in April it was trading well below its 2021 high of $69,000.
Edited by Ryan Ozawa.
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