Summary
TLDR: Bitcoin exchange-traded funds saw a net outflow of $85.7 million, with only Grayscale’s GBTC experiencing significant outflows. The outflows are attributed to bankrupt crypto companies redeeming shares and investors moving to funds with lower fees. Bitcoin’s price is down to $65,348 per coin, a 24-hour dip of nearly 6%.
Key Points
1. Net flows to Bitcoin exchange-traded funds (ETFs) started the week in the red with outflows of $85.7 million.
2. Grayscale’s GBTC experienced $302.6 million in outflows, making it the only fund investors consistently drew cash out from.
3. The price of Bitcoin is down, trading at $65,348 per coin with a 24-hour dip of nearly 6%, following recent outflows and investor movement to funds with lower fees.