BTC eyes $100k despite $338M Bitcoin ETFs outflows
The US spot Bitcoin exchange traded funds market continued its latest streak of outflows with another $338.4 million exiting on Dec. 24.
US spot Bitcoin ETFs have recorded net outflows over the past four trading days now. The streak has coincided with BTC price struggling with downside pressure since dropping from its all-time high above $108k.
On Tuesday, Bitcoin recovered from intraday lows of $94k to trade above $98k.
However, according to data from SosoValue, traders saw net outflows of over $338 million to bring the total amount of money pulled from U.S. spot bitcoin exchange-traded funds over the four days to $1.52 billion.
Bitcoin dip and ETFs outflows
After Mondays dip and outflows, market analysts at QCP shared their outlook for the market. They posted on X:
Bitcoins anticipated year-end surge has fizzled. Instead, a $49.3M Mt. Gox #BTC move sparked a 14% drop, hitting 92.5k before bouncing to 95k. Liquiditys drying up, sentiment softens, and ETFs saw their 3rd straight day of outflows.
In terms of individual funds, BlackRocks IBIT saw $188.7 million exit on Tuesday, while Fidelitys FBTC and Ark and 21Shares ARKB recorded $83 million and $75 million in negative daily flows respectively.
However, Bitwise ETF $BITB saw net inflows of $8.5 million.
These consecutive days of outflows came in a week where the BTC price fell to near $92k. Its also a week in which MicroStrategy, the worlds largest corporate holder of BTC, acquired more to bring its total holdings to 444,262 BTC.
MicroStrategy founder and executive chairman Michael Saylor commented:
Last week, $MSTR treasury operations resulted in a BTC Yield of .72%, a net benefit of ~3,177 BTC. At $94K per BTC, that equates to a $299 million gift to our shareholders.
Commenting further on the companys latest BTC buy at the average price of $106k, Saylor added on X:
If you are not buying bitcoin at the top, you are leaving money on the table.
Interestingly, MicroStrategy has also filed a regulatory application that seeks its shareholders to vote on increasing company shares by 10 billion plans that could allow for a staggering splash on Bitcoin.
Before yesterdays outflows and the streak of outflows, the 12 spot Bitcoin ETFs had registered 15 straight days of net inflows. In total, positive flows over the 15 days reached $6.7 billion. The recent streak ended on Dec. 18.
The price of Bitcoin stood at $98,569 at the time of writing on Dec.25. Its value against the US dollar has jumped 5% in the past 24 hours.
While its pared gains seen in the past month, Bitcoin is up 128% in the past year. Bulls are likely to eye a surge to $100k during this holiday week.
The post BTC eyes $100k despite $338M Bitcoin ETFs outflows appeared first on CoinJournal.
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