Bitcoin ETFs Are Bleeding Badly As Skittish Investors Drain $218 Million

The flow of money that takes months to new Bitcoin Exchange Traded Funds (ETFs) He finally stopped. Investors pulled out about $218 million of the products yesterday, he said. Data From the London investment company Farside Investors.

Big money will be released after the Fed's key economic report. They pointed out The US economy grew more slowly than expected in the first quarter. The measures mean the Federal Reserve will not cut interest rates anytime soon after raising them to a 23-year high to fight inflation.

When interest rates are high, investors typically shy away from “risky” assets like Bitcoin.

In January, the Securities and Exchange Commission approved 11 Bitcoin ETFs. The funds give investors exposure to cryptocurrency by buying the stocks they track BitcoinPricing through brokerage accounts.

The products were so popular that they hit a huge amount of money within weeks of their launch. BlackRock's iShares Bitcoin Trust (IBIT) was a particular favorite.

But yesterday, after 71 days of revenue flow, no money has flowed into IBIT. And Greyscale's ETF lost $139.3 million, while the Fidelity Fund ( FBTC ) lost $23 million — the first outflow since the product's launch.

of The price of Bitcoin It is now $63,562, a seven-day decline of 1.1%. Last month, the major coin touched a new high of nearly $74,000 per coin, but traded below its 2021 high of $69,000 in April.

Edited by Ryan Ozawa.