According to SoSo Value, there have been six consecutive days of capital outflows from the bitcoin sector. On May 1, it reached its highest level since the U.S. SEC approved bitcoin-spot ETFs.
FBTC has been hit the hardest, with capital outflows recorded across 10 products, with Fidelity Wise Origin Bitcoin Fund (FBTC) suffering the most at $191.09 million.
IBIT is also losing money and on May 1, there was the first recorded capital outflow from BlackRock’s iShares Bitcoin Trust (IBIT). Prior to that, the fund had net inflows for 70 days.
Head of The ETF Store Nate Geraci compared IBIT to BlackRock’s iShares Gold ETF, which lost more than $1 billion over the year. Bloomberg Intelligence analyst James Zeiffart added that such fluctuations for ETFs are the norm. Despite the outflows, experts note that all ETFs work stably.
