Bitcoin (BTC-USD) has struggled to maintain a foothold above the $57,000 (£43,350) level, while spot bitcoin exchange-traded funds (ETFs) experienced their largest single-day outflows in four months this week, as investors withdrew funds in response to a broader market decline.
Bitcoin was trading relatively flat on Thursday with a modest gain of 0.4% to $57,154, according to Coingecko data.
Meanwhile, Ethereum (ETH-USD) edged up by 0.7% to $2,412, and Cardano (ADA-USD) rose 0.8% to $0.32 during the same period.
Bitcoin ETFs saw heaviest outflows in four months
More than $287m was withdrawn from the 11 US-listed bitcoin ETFs on Tuesday, marking the largest outflow since May, according to data from Farside Investors.
The selling continued into Wednesday, with another $37m in net outflows. These ETFs, which were launched in January after approval from the US Securities and Exchange Commission (SEC), have seen waning investor interest in recent months. Spot bitcoin funds now manage approximately $52.6bn in assets, down $10bn from their peak. Tuesday marked the heaviest selling day in the US bitcoin ETF market in four months. Fidelity saw the largest withdrawals, with investors offloading over $162m in its FBTC fund. Grayscale followed with $50.4m in outflows, while the Ark 21Shares fund saw $33.6m in redemptions. Bitwise’s BITB fund also saw $25m in outflows.
