BlackRock Spot Bitcoin ETF Records First Net Outflows Since May 1 As Bitcoin Drops Below $60K And ETFs Extend Outflow Streak

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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