Bitcoin Exchange Traded Funds (ETFs) in the US recently saw net outflows for only the third time since their inception three months ago, with a withdrawal of $83 million recorded between April 8 and April 12. The Grayscale Bitcoin Trust ETF (GBTC) displayed a distinct trend of outflows, with $767 million exiting last week. The BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $487 million and $90 million respectively, however, they couldn't entirely offset the GBTC's negative net flows. The Bitcoin fund segment had previously only experienced two significant weeks of net outflows. Recent withdrawals have coincided with a weak financial week for Bitcoin, which displayed a price reduction of roughly 5%, indicating investor wariness and profit-taking.
Read in-depth analysis on this topic at: https://theweb3.news/crypto/why-did-bitcoin-etfs-suddenly-experience-a-rare-week-of-outflows/
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