“Let longing be moved to early hours, then one stays sleepless,” said Cemal Süreya. We also miss the rise in Bitcoin and cryptocurrencies until March. The longing is so intense that one inevitably stays sleepless with the movements in cryptocurrencies. As we enter the last day of Eid al-Adha, we experienced a significant altcoin drop. Bitcoin spiked to $64,060 yesterday. It was a day of exits on the Spot Bitcoin ETF front.
Current Status of Spot Bitcoin ETFs
Bitcoin, the flagship of cryptocurrencies, was trading at $65,446 at the time of writing. We are in a period where each decline in Bitcoin seriously affects and even crushes altcoins. In such an environment, we see a total of $152.42 million in exits from spot Bitcoin ETFs.
The leading spot Bitcoin ETF in exits was Fidelity’s FBTC ETF listed on CBOE. This Bitcoin ETF saw an exit of $83 million. FBTC currently has a total net asset of $10.87 billion.
The second leading spot Bitcoin ETF in exits was Grayscale’s GBTC Bitcoin ETF. We see total exits of $62 million from GBTC. The net asset of GBTC is $17.98 billion.
$7 Million Exit from Bitwise
The exit from Bitwise’s BITB Bitcoin ETF was $7 million, while other Bitcoin ETFs reported zero, reflecting equal inflows and outflows.
While the numbers on the Spot Bitcoin ETF front are like this, the movements in the crypto market inevitably lead to comments that a new bear season has begun. These comments are not entirely unjustified. Because with the recent declines, cryptocurrencies have lost significant value since March.
In March, the total market value of all altcoins except Ethereum, the leader of altcoins, was over $760 billion, while now this figure is at $603 billion. Now, with an exit of approximately $160 billion, expecting a rally for altcoins at this stage will be a bit difficult. However, a new inflow of funds could bring altcoins back to March levels.
