(Bloomberg) — A group of 10 US spot-Bitcoin exchange-traded funds posted its biggest three-day outflow since the products debuted in January, a turnaround from the clamor for exposure that earlier drove to the token to a record high.
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A net $742 million left the ETFs from Monday through Wednesday, reflecting outflows from the Grayscale Bitcoin Trust and a moderation in subscriptions for rival offerings from the likes of BlackRock Inc. and Fidelity Investments.
The funds have garnered net inflows of $11.4 billion to date, data compiled by Bloomberg show, still one of the most successful debuts for an ETF category. The Grayscale Bitcoin Trust, which was converted into an ETF, has seen $13.3 billion of outflows.
Bitcoin jumped more than 5% on Wednesday in the US as Federal Reserve signals pointing to interest-rate cuts boosted a range of asset classes. The rally in the original cryptocurrency fizzled in Asia on Thursday, contrasting with further gains in global stocks and gold, as the ETF flows data permeated markets.
Crypto regained some of its impetus after the Fed decision, but more work is needed to “get this pumping as a momentum move,” Chris Weston, head of research for Pepperstone Group, wrote in a note.
Bitcoin traded at $67,504 as of 9:26 a.m. in New York, about $6,300 dollars shy of the all-time peak achieved on March 14 during a crescendo of bullishness about the ETFs as well as looming reduction in the token’s supply growth.
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