The cryptocurrency market experienced a significant shift as U.S. stock funds saw a weekly outflow of $22 billion, marking the largest outflow since December 2022. Concurrently, the digital asset sector, particularly Bitcoin ETFs, faced a challenging period with record outflows. Analysts, including Bloomberg's Eric Balchunas, attribute the substantial outflows, notably from Grayscale's Bitcoin ETF (GBTC), to bankruptcies within the digital asset industry. The past week saw Bitcoin ETFs endure net outflows, with Grayscale's GBTC experiencing a notable $2 billion outflow. This period of outflows, particularly a $942 million exodus from digital asset investment products, ended a seven-week streak of inflows. The outflows were primarily linked to the liquidation of GBTC shares by Genesis amid its bankruptcy proceedings, contributing to a total of approximately $3.9 billion in GBTC sales. Despite these challenges, there is anticipation that ETF flows may turn positive, with a focus on the potential stabilization of the market.
Grayscale Bitcoin ETF’s $2bn in outflows lead record bleed in crypto funds. Here’s what will lure investors back https://t.co/E5xwrarovN
CRYPTO INVESTMENT PRODUCTS WITNESSED $1 BILLION EXODUS LAST WEEK - According to CoinShares’ latest blog, Bitcoin and crypto investment products witnessed a staggering $942 million last week. - The outflows follow a 7-week run of inflows to such products, cumulatively totalling… https://t.co/K12vnwS5mg https://t.co/CaH8SJmypz
🚨JUST IN: CRYPTO INVESTMENT PRODUCTS SAW NEARLY $1 BILLION IN OUTFLOWS LAST WEEK
Global crypto funds saw record net outflows of nearly $1 billion last week https://t.co/qAsYB3Z82B
💼Last week was the worst yet for spot Bitcoin ETFs, with $2B worth of GBTC sales resulting in a weekly outflow of $890M. Analysts attributed the milestone to Gemini Earn offloading GBTC shares provided by Genesis as loan collateral 👀 Read More: https://t.co/iSZEdq0dZm https://t.co/nriIiQs4db
Digital asset investment products experienced a weekly outflow of $942 million, ending a 7-week streak of inflows up to $12.3 billion. ETF issuers in the US managed to gather $1.1 billion in inflows, which helped to mitigate the impact of Grayscale’s $2 billion outflows https://t.co/eKSBE1mEv6
According to CoinShares, last week saw a record outflow of $942 million from digital asset investment products, marking the first outflow after seven consecutive weeks of inflows. Among these, Bitcoin saw outflows of $904 million, while Ethereum, Solana, and Cardano experienced…
So Gemini/Genesis bk had about $3.9bn to sell. GBTC saw $2bn outflows last week. I doubt 100% of last weeks' outflow was the bk selling but it does feel like we're through a decent chunk of it. https://t.co/GOktiYC5eV
Hesitancy amongst investors led to record digital asset ETF / ETP net outflows of US$942m https://t.co/Iz8kUsEy2G
Cointucky Derby update for the #bitcoin ETFs. Last week was -$888 million for the group. Outflows were likely related to bankruptcy -- they were mostly Gemini/Genesis selling. *Expecting* that to slow over the next ~week. They had a total of ~$3.9 bln of $GBTC to sell. https://t.co/qXiog228z8
#Bitcoin has corrected for the last two weeks as #ETF flows have turned negative. #Genesis liquidating #GBTC shares was seen as the reason. Judging by the outflows, the odds are high(er) that ETF flows will turn positive. Access the full chart for insights:… https://t.co/dbZuCqJ7iS
1/8 A 🧵on Grayscale's spot BTC ETF $GBTC. The problem is its fee. And given the history of ETFs, it might never see any meaningful inflow and could be a constant selling source. @EricBalchunas @JSeyff @NateGeraci @nlw @APompliano @nickcarter @DaveNadig @JeremyDSchwartz
Bitcoin ETFs see full week of net outflows, record low inflows for BlackRock, Fidelity https://t.co/ENgWYcd3xe
Analysts Optimistic as Bitcoin ETF Outflows Hint at Stabilization Senior Bloomberg ETF analyst Eric Balchunas suggested that the significant GBTC outflows are largely attributed to bankruptcies within the digital asset industry, and might be nearing an end. https://t.co/8jvVRnMFxD
U.S. Stock Funds just saw a weekly outflow of $22 billion, the largest outflow since December 2022 https://t.co/PMkfg6w3wo