GBTC reported $24.66 million in exits, while investors withdrew $31.34 million from ARK 21Shares’ BTC ETF. Fidelity’s spot Bitcoin ETF also experienced outflows of $6.85 million. Notably, five issuers, including BlackRock’s IBIT fund, did not attract any inflows.
This marks a four-day streak of no inflows for BlackRock’s fund. The broader cryptocurrency market has been closely tied to BTC price action, and the valuations of altcoins have stagnated. The total crypto market cap has dropped below $2.3 trillion.
It is not unusual for the crypto market to move sideways after a halving, leading to various speculations about its current status. Storm Labs CEO Sunil Srivatsa expressed optimism, stating, “General consensus is that we’ve entered another bull market, and seasoned investors know to expect healthy corrections.”
