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Purchases on exchanges offset money outflows from ETFs.
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Generally, a negative capital flow for ETFs implies a drop in the price of bitcoin.
Yesterday, January 13, bitcoin (BTC) exchange-traded funds (ETFs) in the United States recorded money outflows of more than $284 million and have accumulated three consecutive days in the red.
According to data from SosoValue, BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest bitcoin ETF, It was the only one that had a positive performance and reported receipts of 29.46 million dollars.
The Fidelity Wise Origin Bitcoin Fund (FBTC) saw outflows of more than $113.64 million, while the ARK 21Shares Bitcoin ETF (ARKB) saw outflows of more than $92 million.
For its part, the Grayscale Bitcoin Trust (GBTC) and the Bitwise Bitcoin ETF (BITB) reported outflows of $89 million and $18 million, respectively. The rest of the financial products did not record income or expenditure of money.
Since its market launch in January 2024, The 12 ETFs based on the currency created by Satoshi Nakamoto accumulate $35.93 billion.
Even though the ETFs performed poorly, BTC price managed to resist the $90,000 supportsince purchases on exchanges offset capital outflows.
At the time of publication of this note, The price of the most valuable crypto asset on the market is $96,000.
As NoticiasVE has explained, generally, ETF outflows cause downward pressure on BTC price. The thing is that, due to their operation, the companies that manage these financial instruments must maintain the underlying asset in their treasuries to support their actions.
On the other hand, purchases reduce the amount of BTC available in the market, which generates an increase in its price due to the simple law of supply and demand.