Bitcoin ETFs in the United States have seen a significant outflow of over $226 million on Thursday, marking the third consecutive day of withdrawals. Fidelity’s FBTC led the way with $106 million pulled out, followed by Grayscale’s GBTC with $62 million and Ark Invest’s ARKB with $53 million exiting. On the flip side, BlackRock’s IBIT was the only ETF to see a net inflow of $18 million, while others like Valkyrie, Franklin Templeton, Hashdex, and WisdomTree showed no significant activity.
This trend mirrors the outflows observed at the end of April. Throughout the week, U.S.-listed Bitcoin ETFs experienced a mix of inflows and outflows, with Wednesday being the only day that saw a net inflow of $100 million. This activity coincided with a volatile week for Bitcoin and the broader crypto market, driven by the U.S. inflation report and Federal Reserve meeting.
The recent withdrawals have resulted in a total net outflow of $564 million from Bitcoin ETFs over three days, which is significant but less than the $1.2 billion withdrawn in the final six days of April. Analysts at Bernstein predict that Bitcoin could reach $1 million by 2033, with a cycle-high of $200,000 by 2025. This forecast is driven by the demand from spot ETFs and the limited supply of Bitcoin.
QCP Capital has also expressed optimism about market sentiment, pointing to factors like CPI results. The U.S. CPI for May remained flat, surprising economists and showing a decline from April’s growth. This soft inflation data is seen as favorable for Bitcoin, especially after concerns about rising inflation had previously impacted BTC prices.