Bitcoin ETFs’ Price Falls For 7 days at a Stretch- Bleed out $585m

A new disaster hits Bitcoin today. Spot BTC ETFs are also going down. 12 spot ETFs have faced a sell-off of $585.65 million over the week ending 14th Feb.  

For the last 2 months, the Bitcoin ETFs have been gaining traction slowly. Prices were growing frequently or witnessing periodic standstill. But not falling!  

That record is finally broken now. The first day of the week witnessed a sharp outflow of $186.28 million. The next day was slightly better with $56.7 million in outflows.  

The next day $251.03 and the following day $157.78. But the picture may not be as dark as it seems now. The net inflow was $66.19 million. 

Major Gainers After the 7-days Streak 

Among the major gainers today is FBTC, which attracted most of the inflows. $94 million inflows are not bad after a 7-day low. The spot ETF fund received a total of $12.5 billion as inflows, after its launch.  

Among other individual gainers, there is IBIT, by BlackRock. The coin saw $22.26 incoming. Other minor gainers like BITB by Bitwise and the micro–Bitcoin Trust also contributed around $8 million and $7 million as inflows, consecutively.  

But you can’t be so optimistic about inflows when simultaneous outflows also follow. When the inflows have just started to shape up, GrayScale’s coin- GBTC sees a staggering $46.95 outflow. The net outflow for the coin becomes $22.01 billion.   

Effect on Bitcoin Price  

The strong ETF turbulence has also affected The Bitcoin price. Over the last 7 days, Bitcoin’s price was down by 2.4%. Now Bitcoin is trading at $95,652/coin. Ut Bitcoin is not a loner suffering this fate. ETH ETFs also recorded a $26.26 million outflow on the same week ending 14th Feb. 

Traders’ Note  

Finally, traders can be slightly hopeful today. After a 7-day low steak, both BTC and ETH saw some inflow at last. The meager $11.65 million has been amassed by Fidelity’s FETH, while others stand at 0.