Fidelity’s spot bitcoin ETF records outflow for first time
Quick Take
- The Fidelity Wise Origin Bitcoin (FBTC) saw nearly $23 million moved out of the fund on Thursday, recording a daily net outflow for the first time.
- Other funds from Ark Invest, Bitwise and Valkyrie also saw outflows, on top of Grayscale GBTC’s $139 million drainage.
Fidelity’s spot bitcoin exchange-traded fund saw daily net outflows of $22.61 million on Thursday, becoming the first day the ETF saw more funds move out since its January listing, according to SoSoValue data.
Several other U.S. bitcoin funds reported daily outflows, totaling a drainage of $217.58 million. Grayscale’s converted ETF lost $139.37 million, while Ark Invest and 21Shares’ fund saw $31.34 million move out, SoSoValue data showed. Valkyrie’s fund lost $20.16 million and Bitwise saw an outflow of $6 million.
Franklin Templeton’s EZBC was the only fund that saw daily net inflows, drawing in $1.87 million. BlackRock’s IBIT fund saw zero amount of flows on Thursday, according to crypto analyst HODL15Capital, as it did on Wednesday, ending its 71-day streak of positive flows. However, zero flows are typical in ETFs, according to Bloomberg ETF Analyst James Seyffart.
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Fund inflows were essentially non-existent post-bitcoin halving, Hong Song-uk, an analyst at NH Investment and Securities, said in a Friday report. “There are no follow-up events that focus attention on Bitcoin in the near term," Hong said.
Bitcoin is trading hands at $64,410 at publication time, according to The Block’s Price Page. About $58.2 million worth of bitcoin was liquidated in the past 24 hours, $35 million of which were long positions, according to Coinglass data.
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