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BlackRock’s Bitcoin Spot ETF (exchange-traded fund) recorded its first net outflow since May 1 yesterday, as all 12 BTC funds extended their streak of negative flows to 3 days and the leading crypto fell below $60,000.
BlackRock’s IBIT, which is the largest spot Bitcoin The ETF by net assets saw $13.51 million in net outflows on Aug. 29, according to data from SosoValue.
ARKB, the only Bitcoin ETF to see net inflows yesterday
Capital continued to flow out of Grayscale’s GBTC after $22.86 million left the fund’s reserves on August 29. Similarly, Fidelity’s FBTC saw net outflows of $31.11 million, while Bitwise’s BITB and Valkyrie’s BRRR saw outflows of $8.09 million and $1.68 million, respectively.
The only place Bitcoin ETF The funds that saw net inflows yesterday were 21Shares’ Ark and ARKB. This came after investors pumped $5.34 million into the fund.
In addition to net outflows, fund trading volumes also declined. The data showed that trading activity across the 12 funds fell to $1.64 billion. This was down from $2.18 billion in volumes recorded the previous day.
Bitcoin Falls Below $60,000, Analyst Predicts Upside After PCE Release
Over the past 24 hours, the price of Bitcoin abandoned Bitcoin’s stock price has broken below the psychological $60,000 mark to trade at $59,457.09 as of 7:17 a.m. EST. Despite this recent retracement, there is still a chance that the leading cryptocurrency could start to rally soon, according to renowned trader and analyst Michael van de Poppe.
#Bitcoin always acts between crucial levels.
However, I fear we are on an upward slope after today’s PCE data.
The crucial level for a step up is $61,000. pic.twitter.com/fJDbjycZ3q
– Michaël van de Poppe (@CryptoMichNL) August 30, 2024
In an August 30 article on X, van de Poppe stated that Bitcoin “is still hovering between crucial levels.” Following today’s release of personal consumption expenditure (PCE) data, he believes Bitcoin will begin to “move higher.” He also highlighted the $61,000 price point as a key hurdle the crypto will need to clear for a sustained upward move.
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