Bittime - The Bitcoin (BTC) market has volatile again, marked by a significant net outflow of funds from the Bitcoin Spot ETF (Exchange Traded Fund) on May 1 2024. According to SoSoValue data, yesterday's total net outflow reached a record high, namely US$564 million.
The Largest Outflow in History
The figure of US$564 million is the highest record for Bitcoin Spot ETF daily net outflow. Previously, there had never been an outflow of funds of this magnitude in one day.
This event also had an impact on the Grayscale Bitcoin Trust (GBTC), one of the largest Bitcoin Spot ETFs, which experienced a net outflow of US$167 million on the same day. This figure increases GBTC's total historical net outflow to US$17.470 billion.
Check Today's Crypto Market:
Decrease in Asset Value and ETF Ratio
Due to the large net outflow, the total net asset value of the Bitcoin Spot ETF has decreased. Based on the latest data, the total net asset value of the Bitcoin Spot ETF is US$47.079 billion.
This decline also had an impact on the ETF's net asset ratio (the comparison between the ETF market value and the total Bitcoin market value). Currently, the net asset ratio is in the range of 4.17%, a figure that is relatively low compared to the previous period.
Historical Outflow and Inflow Trends
Despite the large net outflow on May 1, it is important to note that overall, the Bitcoin Spot ETF is still experiencing historical net inflows. The total accumulated net inflow of the Bitcoin Spot ETF since its launch reached US$11.217 billion.
Also Read How to Buy Crypto:
Outflow, Sentiment Indicator towards Bitcoin
However, the recent outflow is worth paying attention to and could be an indicator of a shift in investor sentiment towards Bitcoin. The large outflow of funds from the Bitcoin Spot ETF is in the spotlight amidst Bitcoin price fluctuations.
Check Crypto Prices Today:
How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Bitcoin Spot ETF Experiences 5th Consecutive Day of Outflows
Bitcoin and Ethereum Price Drop Triggered by Grayscale ETF Outflows
Digital Asset Outflows Increase: Bitcoin and Ethereum Lead the Trend, What Does It Mean?
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.