Spot Bitcoin exchange-traded funds in the United States recorded their highest outflow day on January 8 of the past three weeks, when Bitcoin briefly fell below $93,000, resulting in market-wide panic among investors.
According to facts from SoSoValue, the 12 spot Bitcoin ETFs recorded outflows of $582.9 million on Tuesday, ending a three-day inflow that had brought nearly $2 billion into these funds. Tuesday’s outflows were also the highest since December 19, when these investment products saw outflows of $680 million.
Fidelity’s FBTC led the outflows on January 8, with a withdrawal of $258.69 million from the fund, followed by ARK 21Shares’ ARKB, which saw an outflow of $148.3 million. Even BlackRock’s IBIT, which had managed to offset the outflows of other BTC ETFs on its own the previous day, recorded an outflow of $124.05 million yesterday,
Valkyrie’s BRRR funds and Bitwise’s BITB funds contributed to the negative momentum, pulling $14.1 million and $11.26 million from the respective funds. More modest outflows were recorded by Invesco Galaxy’s BTCO, Grayscale’s GBTC and Franklin Templeton’s EZBC, at $9.38 million, $8.94 million and $8.17 million respectively.
Daily trading volume for these investment instruments reached $3.4 billion on January 8, much lower than the $4.62 billion recorded the previous trading day.
Tuesday’s record outflow came as Bitcoin’s price fell below $93,000 on macroeconomic concerns, signaling expectations of a more hawkish stance from the Federal Reserve following recent minutes, which indicated continued inflation under the incoming administration. Trump.
The bearish news for cryptocurrencies, combined with yesterday’s significant outflows, pushed Bitcoin (BTC) down 1.4% at the time of writing, trading just above $94,000.
Meanwhile, according to an earlier report from crypto.news, analysts expect that a decline below the key support level at $95,000 may trigger a further slump for the leading crypto assets, with BTC targeting $88,000.
