Bitcoin (BTC) mounted a recovery, taking the rest of the market with it, despite sustained outflows from spot Bitcoin exchange-traded funds. The U.S. government made moves to sell $131 million in BTC confiscated from Silk Road. Meanwhile, Terraform Labs goes bankrupt.
Spot Bitcoin ETFs record outflows
- This week featured massive negative net flows from the spot Bitcoin ETF market, largely due to substantial outflows from the Grayscale Bitcoin Trust (GBTC), as investors exited the project due to high fees.
- Particularly, on Jan. 24, the spot Bitcoin ETF market recorded the largest intraday outflow since it opened for trading. The products saw a cumulative negative netflow of $159 million that day, which marked their ninth day of trading.
- All other ETF products witnessed inflows on Jan. 24 besides the GBTC. However, these inflows were not substantial enough to overcome the outflows…
