Grayscale ETF experiences largest single-day capital outflow, driving Bitcoin down
Jinse Finance reported that as investors digested the world's largest cryptocurrency exchange ETF setting a single-day fund outflow record and the weakening expectations of the Federal Reserve interest rate cut, Bitcoin continued its decline, while other major tokens such as Ethereum, SOL and Dog Dogecoin also fell.
Data compiled by the agency showed that the $25 billion Grayscale Bitcoin Trust (GBTC) saw an outflow of $643 million on Monday, the largest outflow since converting to an ETF on January 11. Previously, the nine new spot Bitcoin ETFs listed at the same time received strong demand, which was enough to make up for the large outflow of GBTC, but now the funds flowing into the products of giants such as Fidelity Investments and BlackRock are also decreasing. Singapore-based cryptocurrency trading firm QCP Capital said it would “pay close attention to today’s total ETF flow data,” adding that “a net negative value would be a clear bearish signal.
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