U.S Spot Bitcoin funds’ trading volume totaled $800 million on Wednesday.
Bitcoin is currently experiencing selling pressure and is fighting to maintain a support level.
U.S Spot Bitcoin ETFs again are seeing withdrawals, with the most recent reaching $35 million, after a short period of inflows. Lookonchain, a blockchain analytics platform, disclosed today that Grayscale (GBTC) withdrawals were $30.7M.
The investment asset management organization now has 274,734 units of Bitcoin ($15.76 billion), after this $30.7 million withdrawal. The outflows did not exclude all spot Bitcoin ETF issuers, either. The Invesco Galaxy Bitcoin ETF had an outflow of 74 BTC as well, reducing its holdings to 6,804 BTC. Combined, the outflows from both issuers amounted to 609 BTC, or $35 million.
No money left any of the five U.S.-based Bitcoin exchange-traded funds—BlackRock’s IBIT, Fidelity’s FBTC, ARK 21Shares’ ARKB—and the other two. With 307,206 Bitcoin, BlackRock now has the largest BTC holding among all of them.
On the same day, these Bitcoin funds’ trading volume totaled $800 million. Compared to Tuesday’s $995 million, that was a considerable decline. Possible signs of a change in investor mood or market dynamics include sluggish activity and net outflow. The unpredictable nature of the crypto market justifies such swings.
Bears in Total Control
On the other hand, Bitcoin is currently experiencing selling pressure and is fighting to maintain a support level. Its value has lately plummeted to $57,000, marking a significant decline.
The decline has caught many investors off guard and sparked discussions among crypto enthusiasts. Speculative investor selloffs in the context of Bitcoin ETFs and the recent halving occurrence are two of the variables that seem to be driving the selloff.
The downturn has also been accelerated by the liquidation of overleveraged holdings and by unforeseen sell-offs, such the sale of confiscated Bitcoin by the German and the U.S governments.
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