11 new devices that received regulatory approval in the US in January Bitcoin Inflows into his ETF reversed this week. A significant $850 million has flowed out of ETFs, leaving investors and market watchers wondering whether this is a temporary glitch or the world’s largest cryptocurrency It made him question whether this was a sign of a greater retreat for the future.
Fund inflows into ETFs had previously increased the Bitcoin price to a record level of $73,000 this year. However, the recent decline in its price has dampened investors’ interest in ETFs, and bitcoin fell as low as $60,760 at one point this week.
“People looked at how far the Bitcoin price had fallen and decided to wait, no one wants to catch a falling knife,” commented James Butterfill, director of research at crypto investment group CoinShares.
BlackRock, the world’s largest asset manager, recorded inflows of $576 million this week, while little new money entered rival products launched by firms such as Fidelity, Invesco and Franklin Templeton.
These inflows were offset by persistent investor fund withdrawals from Grayscale. The asset manager converted its long-running Bitcoin trust into an ETF in January, but the product carries a much higher management fee than rivals.
“We are approaching a dead zone for these ETF products after the initial pent-up capital frenzy,” warned Ilan Solot, senior global markets strategist at Marex.
*This is not investment advice.
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