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Bitcoin ETFs Lose Over $635M In One Day Following Oil Price Spike

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Bitcoin ETFs Lose Over $635M In One Day Following Oil Price Spike

Bitcoin Magazine

Bitcoin ETFs Lose Over $635M In One Day Following Oil Price Spike 

U.S. investors quickly reversed course on Thursday, cashing out over half a billion dollars from spot bitcoin exchange-traded funds as risk-off sentiment surfaced again. 

A total of $635.6 million left the funds on Thursday, data from Farside Investors shows. The redemptions put downward pressure on the price of bitcoin, which dropped under $81,000 at one point. 

The coin has since rebounded and was recently trading for nearly $81,669, down just 1% over a 24-hour period. 

BlackRock’s iShares Bitcoin Trust saw the biggest outflows, with investors cashing out over $254 million. Fidelity’s Wise Origin Bitcoin Fund followed, losing close to $218 million. 

Over $109 million left the ARK 21Shares Bitcoin ETF; Morgan Stanley’s fund and Bitwise’s ETF lost nearly $30 million and over $27 million, respectively. 

But the investment vehicles this week have this week received net positive investment of over $439 million. 

Investors went into “risk-off” mode after flare ups in the Middle East sent the price of oil higher. Brent crude hit its highest price in five months after Yemeni rebel group the Houthis on Thursday attacked Saudi Arabia, sparking concerns over more disruption to energy supplies. 

Bitcoin’s price has been rattled this year since the U.S. and Israel attacked Iran, halting oil supplies as ships have struggled to pass through the strategic Strait of Hormuz, where a fifth of the world’s oil passes through. 

S. central bank raising interest rates.



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