- Spot Bitcoin ETFs saw $545 million in outflows on Wednesday, pushing weekly flows into the negative.
- The total cryptocurrency market cap has dropped roughly 20% year-to-date, from $3 trillion to $2.5 trillion.
- Analysts note resilience, with only an estimated 6% of total Bitcoin ETF assets having exited despite market volatility.
Spot Bitcoin exchange-traded funds (ETFs) recorded significant outflows of $545 million on Wednesday, according to SoSoValue, as BTC’s price neared $70,000. This selling pressure contributed to a net negative weekly flow of $255 million for the funds.
Consequently, year-to-date inflows stand at $3.5 billion against $5.4 billion in redemptions, leaving a net deficit of $1.8 billion. Total assets under management for these ETFs are currently $93.5 billion.
This bearish sentiment mirrors a broader market decline, with total cryptocurrency capitalization down around 20% year-to-date, according to CoinGecko. The market has fallen from approximately $3 trillion to $2.5 trillion.
However, analysts highlight the product’s relative resilience despite recent volatility. Bloomberg ETF analyst James Seyffart noted cumulative net inflows are just 13% off their peak, saying “That’s not too shabby considering these funds took in around $63 billion at their peak.”
Senior Bloomberg ETF analyst Eric Balchunas estimated only about 6% of total assets have exited the funds. He also mentioned that BlackRock’s iShares Bitcoin ETF (IBIT) assets dropped to $60 billion after briefly peaking at $100 billion.
Meanwhile, other digital asset funds experienced mixed flows alongside the Bitcoin ETF outflows. Ether (ETH) ETFs faced $79.5 million in outflows, while XRP funds saw modest inflows of $4.8 million.
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