Bitcoin halving hype breaks week-long ETFs outflow streak
Five of the 10 approved ETFs recorded positive inflows that overshadowed the GBTC outflows, bringing in a total of $30.4 million to the spot BTC ETF market.
Bitcoin (BTC) investments in the United States exchange-traded funds (ETFs) market recorded a net positive inflow right before the Bitcoin halving day following five consecutive days of drain.
Anticipating an increase in market value post-halving, investment strategies worldwide recommended adding Bitcoin to existing portfolios. The Bitcoin ETF market followed through with the strategy while putting an end to an outflow streak dating back to April 12.
According to Farside data, the U.S. Bitcoin ETF ecosystem recorded outflows for five straight days between April 12 and 18, owing to a lack of contribution from most players. The outflows are majorly attributed to the Grayscale Bitcoin Trust ETF (GBTC), which has been shedding investments since January when the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs.
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Author: Arijit Sarkar
