Bitcoin ETFs have been facing challenges amidst the recent decline in the cryptocurrency market. Major US-listed Bitcoin ETFs, such as BlackRock's IBIT and Fidelity's FBTC, have been experiencing high discounts to Net Asset Value (NAV) due to market volatility. This has led to a mix of inflows and outflows in these ETFs, as investors navigate the uncertain market conditions.
Specifically, BlackRock's IBIT saw its first net daily outflow of $36.6 million, contributing to a total outflow of $526.8 million across U.S. spot Bitcoin ETFs. This significant outflow indicates a shift in investor sentiment towards Bitcoin ETFs, as some investors may be choosing to divest their holdings amidst the market downturn. The high discounts to NAV further complicate the situation, as investors may be hesitant to buy into these ETFs at prices below their intrinsic value.
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