Bitcoin exchange-traded funds (ETFs) in the United States have seen significant outflows over three consecutive days, totaling $494 million. These outflows coincided with a decrease in trading volume in ETFs, indicating weak demand for Bitcoin.
The outflows on Wednesday were the largest, amounting to $251 million. The BlackRock iShares Trust experienced outflows of $22.1 million, while the Fidelity Wise Origin Bitcoin Fund recorded the largest outflow of $102 million.
Trading volume in ETFs dropped significantly, with the total trading volume on Wednesday standing at just $2.58 billion. The IBIT fund recorded less than $2 billion in volume, placing it in the tenth position among ETFs in the United States.
The lack of demand reflected in the recent filing for Bitcoin ETFs by Goldman Sachs highlights weak interest in new long positions in these funds, which are primarily used as trading instruments.
This comes at a time when Bitcoin's price continues to fluctuate around $96,000, stuck in a narrow trading range since mid-November, fluctuating between $90,000.
These significant outflows suggest that investors may be concerned about Bitcoin's short-term outlook. This concern can be attributed to various factors, including market volatility, regulatory uncertainty, and increased competition from other cryptocurrencies.
However, it is important to note that these outflows do not necessarily mean that Bitcoin's price will drop significantly. Nonetheless, they indicate a current state of uncertainty in the market.
