Trading volume for U.S. Spot Bitcoin funds hit $800 million on Wednesday. Bitcoin is currently under selling pressure and struggling to maintain a support level. Withdrawals from U.S. Spot Bitcoin ETFs continue, with recent outflows totaling $35 million following a brief period of inflows. Lookonchain, a blockchain analytics platform, reported today that Grayscale’s (GBTC) withdrawals amounted to $30.7 million.
Post-withdrawal, Grayscale now holds 274,734 Bitcoin units valued at $15.76 billion. Other Bitcoin ETF issuers were not spared from outflows either; Invesco Galaxy Bitcoin ETF saw an outflow of 74 BTC, reducing its holdings to 6,804 BTC. Together, the outflows from both issuers totaled 609 BTC, equivalent to $35 million.
Among the five U.S.-based Bitcoin exchange-traded funds—BlackRock’s IBIT, Fidelity’s FBTC, ARK 21Shares’ ARKB, and two others—BlackRock leads with holdings of 307,206 Bitcoin.
On the same day, total trading volume for these Bitcoin funds amounted to $800 million, a noticeable decline from Tuesday’s $995 million. This decline may signal a shift in investor sentiment or market dynamics, characterized by sluggish activity and net outflows, which are common in the volatile crypto market.
Meanwhile, Bitcoin faces significant selling pressure and struggles to maintain its support level around $57,000, marking a notable decline. This downturn has surprised many investors and sparked discussions among crypto enthusiasts. Speculative selloffs related to Bitcoin ETFs and impacts from the recent halving event appear to be contributing factors.
Moreover, overleveraged positions being liquidated and unforeseen sell-offs, such as those involving confiscated Bitcoin by the German and U.S. governments, have accelerated the downward trend.
Today’s highlighted crypto news includes Solana (SOL) as its price confronts a critical phase with bears threatening the $100 level.