BlackRock's Bitcoin ETF just lost 1.21 billion dollars in five straight sessions. 📰
Coindoo, citing Farside Investors data checked on 7 November, reports BlackRock's IBIT posted net outflows in every session from 2 to 6 November, shedding 1.21 billion dollars in total, while the rest of the United States spot Bitcoin ETF market combined lost only 72.2 million dollars. 📊 The week closed with 1.28 billion dollars leaving the sector, 411.92 million dollars of it on Friday alone, with IBIT losing 403 million dollars that day, and the fund still holds 60.7 billion dollars in net assets, so the outflow is about 2 percent of the fund. My reading is that one fund is doing almost all the selling, because the rest of the market is nearly flat, and that means the pressure is concentrated, not broad, which can turn fast if IBIT flows stabilise.
Does the IBIT selling stop next week, or does a sixth straight outflow drag Bitcoin under 75,300 dollars? 🤔
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Coindoo, citing Farside Investors data checked on 7 November, reports BlackRock's IBIT posted net outflows in every session from 2 to 6 November, shedding 1.21 billion dollars in total, while the rest of the United States spot Bitcoin ETF market combined lost only 72.2 million dollars. 📊 The week closed with 1.28 billion dollars leaving the sector, 411.92 million dollars of it on Friday alone, with IBIT losing 403 million dollars that day, and the fund still holds 60.7 billion dollars in net assets, so the outflow is about 2 percent of the fund. My reading is that one fund is doing almost all the selling, because the rest of the market is nearly flat, and that means the pressure is concentrated, not broad, which can turn fast if IBIT flows stabilise.
Does the IBIT selling stop next week, or does a sixth straight outflow drag Bitcoin under 75,300 dollars? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #CryptoNews
