New stuff rocking the cryptocurrency industry.
We just learned that the price of Bitcoin (BTC) is trying to hit the next highs, but there are a plethora of big challenges in its path.
According to latest reports, the market has witnessed a selling trend that’s hindering price growth.
Another major roadblock is the lack of investor interest and confidence in Bitcoin spot ETFs, leading to significantly greater outflows.
SosoValue, a powerhouse of crypto information and analysis said Bitcoin ETFs struggled throughout the past week.
The crypto market witnessed outflows of $301 million from Sept. 30 to Oct. 4.
The quote:
“During this time, Grayscale’s GBTC witnessed an outflow of around $47 million, and ARK & 21Shares ETF ARKB had an outflow of $206 million. Interestingly, BlackRock’s IBIT defied all the odds and continued its trend of garnering significant investor interest and confidence.
“While its counterparts struggled to get any inflows, the BlackRock Bitcoin ETF witnessed an inflow of a whopping $135 million during the same period. This unique trend shows the major role of BlackRock for Bitcoin investments.”
As we write, during this Oct. 4, the total daily net inflow of Bitcoin Spot ETFs stands at $25.59 million.
The total value traded is around $1.19 billion.
The conclusion is that despite recent outflows, the cumulative total net inflow is around $18.5 billion, showing the significant growth of these investment products in the broader outlook.