News
Bitcoin ETFs continue to bleed: $140 million outflow recorded
Yuri Molchan
Spot Bitcoin ETFs saw massive outflows in a single day
Continue reading U.TODAY
Google News
According to a recent report, Bitcoin spot exchange-traded funds (ETFs) experienced a massive outflow of $140 million on June 20, marking the fifth consecutive day of BTC outflows from these entities.
This data was shared by popular cryptocurrency journalist and blogger Colin Wu on his X account. Wu pointed out that Grayscale’s ETF, GBTC, lost $53.1 million in a single day. BlackRock’s IBIT ETF faced an outflow of $1.4791 million. However, currently, IBIT holds a total of $17.643 billion in BTC.
Over the past five days, Grayscale has lost $232 million. However, this is less than what Fidelity (FBTC) lost in the same period of time: $413 million.
These outflows took place as, this week, the world’s flagship cryptocurrency, Bitcoin, gradually it slumped nearly 5.2% losing the $67,000 price level. At the time of writing, BTC is changing hands at $63,880.
The smart whale sells large amounts of BTC
Analytics account @lookonchain shared that as ETFs sell off their BTC, a smart whale has followed suit. This trader transferred 660 BTC to the Binance exchange to sell. The tweet also shared some details about this whale’s previous successful trades.
In the last year he has been trading large amounts of BTC twice, making a tidy profit on each of these trades: more than $30 million in total.
On one such large trade, the trader bought 718 Bitcoins between August and November last year at around $29,385 and then sold them at $41,953 in December, earning $9 million (+43%).
The second operation concerned the 1,181 BTC purchased between February and May 13 this year. The whale sold this Bitcoin on May 27 and June 20, earning $21.2 million (+37%).
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many aspects of it. He has written for several crypto media. His articles have been cited by cryptocurrency influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.