36 C
Guangzhou
Thursday, July 25, 2024
BitcoinLeading Bitcoin ETFs Dump Assets Amid Market Slump Crypto Crisis Ensues

Leading Bitcoin ETFs Dump Assets Amid Market Slump Crypto Crisis Ensues

- Advertisement -spot_imgspot_img
- Advertisement -spot_imgspot_img

In recent days, there has been a significant shift in ETF holdings within the Bitcoin market, with several major funds experiencing the largest reduction in Bitcoin reserves.
According to a recent report by Lookonchain, nine major ETFs have collectively decreased their Bitcoin holdings by 2,824 BTC, resulting in a total value drop of $182.6 million. This trend reflects a cautious approach by institutional investors amidst changing market conditions.
Fidelity’s Wise Origin Bitcoin Fund, in particular, has been heavily impacted, with a 13.71% decrease in holdings, selling 1,377 BTC for around $89.06 million. Their total holdings now stand at 170,152 BTC.
Grayscale, a prominent player in Bitcoin investment, has also reduced its assets by 834 BTC, bringing their total holdings to 280,378 BTC, equivalent to $18.13 billion. This decision is part of a larger trend of withdrawing Bitcoin investments in response to market dynamics.
The recent withdrawals from Bitcoin ETFs coincide with a downturn in the asset’s market value. Over the past seven days, Bitcoin has experienced a 2.9% price decrease, with an additional 2.1% drop in the last 24 hours. The ongoing removal of funds from these ETFs contributes to selling pressure, driving down the overall price of Bitcoin.
In addition to Fidelity and Grayscale, other ETFs such as ARK 21 Shares Bitcoin ETF and Invesco Galaxy Bitcoin ETF have also seen outflows totaling almost 842 BTC. This shift reflects a broader trend in the sector, with institutional investors showing caution as total holdings have decreased by 6,000 BTC in the past week, from 877,621 BTC to 871,621 BTC.
Tags: BTC, ETF
Source: Lookonchain

Jun 18 Update:
9 ETFs decreased 2,824 $BTC (-$182.6M).
#Fidelity decreased 1,377 $BTC (-$89.06M) and currently holds 170,152 $BTC ($11B).
#Grayscale decreased 834 $BTC (-$53.95M) and currently holds 280,378 $BTC ($18.13B).
https://t.co/SXZJxa6Io4 pic.twitter.com/zlUbbemNxr
— Lookonchain (@lookonchain) June 18, 2024

- Advertisement -spot_imgspot_img
Latest news
- Advertisement -spot_img
Related news
- Advertisement -spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here