- These outflows show less than 2% of assets and that regardless of the downturn, more than 98% of the money is HODLing.
- The Bloomberg senior ETF analyst, Eric Balchunas highlighted that Bitcoin ETFs have been facing pressure listing more than $1 billion in outflows in just one day.
- Any Bitcoin ETFs didn’t list positive inflows on the day, when ETFs witnessed heavy outflows and daily trading volume for spot Bitcoin ETFs was hovering at $5.79 billion.
Spot Bitcoin ETFs listed their seventh continuous day of outflows as recorded on February 26 in the United States, with BlackRock’s IBIT witnessing its biggest single-day take-off since its introduction.
As per the data from real-time crypto price tracker, SoSoValue, the 12 spot BTC ETFs listed $754.53 million in net outflows on February 26, after the $1.14 billion net redemptions witnessed the last day.
BlackRock’s IBIT witnessed the outflows having $418.06 million withdrawn from the fund, highlighting its biggest net outflow day post-inauguration. FBTC of Fidelity came with $145.69 million in outflows, prolonging its streak to seven continuous days of withdrawals.
Witnessing no inflow day
At the same time, any Bitcoin ETFs didn’t list positive inflows on the day, when ETFs witnessed heavy outflows. Daily trading volume for spot Bitcoin ETFs was hovering at $5.79 billion at the time of writing.
Since their introduction, these ETFs have still gathered a net inflow of around $37.12 billion. This month, about $3.1 billion have withdrawn the 12 ETFs, having just four days of net inflow listed.
Nate Geraci, ETF Store President got frustrated over traditional finance’s stance on Bitcoin as well as other virtual assets and posted on X mentioning he was still astonished at how much TradFi doesn’t like Bitcoin and crypto.
Bitcoin is not going away
He highlighted that some in the sector take major victory overhaul at each slump but highlighted that regardless of notable price dips, Bitcoin is not going away. At the same time, the Bloomberg senior ETF analyst, Eric Balchunas highlighted that Bitcoin ETFs have been facing pressure listing more than $1 billion in outflows in just one day.
Also it has seen significant withdrawals in the past 7 days. Also, he threw a light on the silver lining, highlighting that these outflows show less than 2% of assets and that regardless of the downturn, more than 98% of the money is HODLing.
Balchunas repeated his long-term outlook on market cycles on Bitcoin, mentioning, Like I said, it is going to be two steps ahead and one step back. Get used to it.
