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⚡Bitcoin ETFs Face Steady Outflows📤

Croxroad

22 Jun 2024 — 3 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

💱 Bitcoin ETFs

Spot bitcoin exchange-traded funds (ETFs) listed in the U.S. endured a tumultuous week marked by significant outflows, reaching a staggering $900 million by Thursday, marking the fifth consecutive day of losses. Data from SoSoValue highlights that on Thursday alone, these ETFs saw a combined outflow of $140 million amidst $1.1 billion in trading volumes. Leading the exodus were Grayscale’s GBTC and Fidelity’s FBTC, which reported outflows of $53 million and $51 million, respectively. Notably, BlackRock’s IBIT emerged as the sole ETF to record net inflows, albeit modestly at $1 million, contrasting sharply with the broader trend of capital flight from BTC-backed ETFs.

This downturn in ETF fortunes represents the most severe outflow since late April, when the market witnessed a total net outflow of $1.2 billion over a series of trading sessions from April 24 to May 2. The subsequent period saw a resurgence in inflows, with these products adding over $4 billion within the following 19 days of trading, only to be followed by the current wave of persistent outflows starting on June 10.

Bitcoin's price performance has been similarly affected, grappling with multiple headwinds including substantial sales by large holders amounting to $1 billion, a robust U.S. dollar, and strong market performances from U.S. technology indices. These factors have collectively contributed to the recent downturn in BTC prices, reflecting broader investor sentiment and market dynamics impacting cryptocurrency investments.

🕎 dlcBTC

Discover "dlcBTC: A Safer Wrapped Bitcoin For Everyone" with Aki Balogh from DLC.LINK. This article explores dlcBTC's revolutionary non-custodial representation of Bitcoin, enhancing security and trust for cryptocurrency enthusiasts. Learn about discrete log contracts (DLCs) used for safer Bitcoin transactions, DeFi integrations, and passive income opportunities. The interview was conducted on the "Croxroad" podcast, a platform featuring discussions on the latest in technology, finance, and blockchain with industry experts. If you're interested in cutting-edge blockchain technology and secure cryptocurrency solutions, this article is a must-read.

dlcBTC is an innovative solution developed by DLC.LINK, designed to provide a safer, non-custodial representation of Bitcoin. It leverages discrete log contracts (DLCs) to enable secure and trustless transactions, distinguishing it from other wrapped Bitcoin solutions. By utilising DLCs, dlcBTC ensures that Bitcoin can be used in decentralised finance (DeFi) applications without relying on third-party custodians, thus preserving the core principles of security and decentralisation that Bitcoin embodies.

DLC.LINK, founded by Aki Balogh, aims to bridge the gap between traditional Bitcoin usage and the evolving world of DeFi. The company focuses on creating robust, secure, and user-friendly blockchain solutions that empower users to maximise their Bitcoin's potential. DLC.LINK's innovative approach ensures that dlcBTC remains a trusted and reliable solution for the ever-expanding cryptocurrency ecosystem, offering enhanced privacy, security, and interoperability.

🪨 Block Height

Block Height refers to the number of blocks in a blockchain between a specific block and the genesis block. It indicates the length of the blockchain from the first block to the given block.