Bitcoin ETFs Continue to Bleed: $140 Million Outflow Recorded

Bitcoin ETFs Continue to Bleed: $140 Million Outflow Recorded

According to a recent report, on June 20, spot Bitcoin exchange-traded funds (ETFs) experienced a massive outflow of $140 million, marking the fifth consecutive day of BTC outflows from these entities.

According to a recent report, on June 20, spot Bitcoin exchange-traded funds (ETFs) experienced a massive outflow of $140 million, marking the fifth consecutive day of BTC outflows from these entities.

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This data was shared by popular cryptocurrency journalist and blogger Colin Wu on his X account. Wu specified that the Grayscale 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 million in BTC holdings.

In the last five days, Grayscale has lost $232 million. This is still less than Fidelity (FBTC) has lost over the same time period: $413 million.

These outflows have occurred while, this week, the world’s flagship cryptocurrency, Bitcoin, gradually plummeted almost 5.2% as it lost the price level of $67,000. At the time of writing, BTC is changing hands at $63,880.

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Smart whale sells large chunks of BTC

Analytics account @lookonchain has shared that while ETFs are selling their BTC, a smart whale has done the same. 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 traded large amounts of BTC twice, making a healthy profit on each of those trades: more than $30 million in total.

In one of these large trades, the trader bought 718 Bitcoins between August and November last year at approximately $29,385 and then sold them for $41,953 in December, earning $9 million (+43%).

The second operation concerned the 1,181 BTC that he purchased between February and May 13 of this year. The whale sold this Bitcoin on May 27 and June 20, earning $21.2 million (+37%).

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