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BlackRock’s spot Bitcoin ETF (exchange-traded fund) recorded its first net outflow since May 1 yesterday as the 12 BTC funds extended their negative flow streak to 3 days and the leading crypto dropped below $60K.
BlackRock’s IBIT, which is the largest spot Bitcoin ETF by net assets, recorded $13.51 million in net outflows on Aug. 29, according to data from SosoValue.
ARKB The Only Spot Bitcoin ETF To Record Net Inflows Yesterday
Capital continued to flow out of Grayscale’s GBTC after $22.86 million left the fund’s reserves on Aug. 29. Similarly, Fidelity’s FBTC suffered net outflows of $31.11 million, while Bitwise’s BITB and Valkyrie’s BRRR posted respective outflows of $8.09 million and $1.68 million.
The only spot Bitcoin ETF that recorded net inflows yesterday was Ark and 21Shares’ ARKB. This is after investors poured $5.34 million into the fund.
In addition to the net outflows, the funds also saw their collective trading volumes drop. Data shows that trading activity across the 12 funds fell to $1.64 billion. This was a decrease from the $2.18 billion volumes recorded the day before.
Bitcoin Drops Below $60K, Analyst Predicts Bullish Move After PCE Release
Over the past 24 hours, the Bitcoin price dropped below the psychological $60K mark to trade at $59,457.09 as of 7:17 a.m. EST. Despite this recent retracement, there is still the possibility that the leading crypto will start grinding to the upside soon, according to renowned trader and analyst Michael van de Poppe.
#Bitcoin is still acting in between crucial levels.
However, I suspect we will be grinding upward after today’s PCE data.
The crucial level to break upwards is $61K. pic.twitter.com/fJDbjycZ3q
— Michaël van de Poppe (@CryptoMichNL) August 30, 2024
In an Aug. 30 X post, van de Poppe said that BTC “is still acting in between crucial levels.” Following the release of the Personal Consumption Expenditures (PCE) data today, he believes that Bitcoin will start “grinding upward.” He also highlighted the $61K price point as a key barrier that the crypto will need to rise above for a sustained upward move.
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