Bitcoin ETFs See $400 Million Outflow as US Inflation Concerns Loom
Even if Bitcoin dips, "we expect investors to view this as an attractive entry opportunity, injecting new liquidity," said an analyst.
Spot Bitcoin ETFs saw a $400 million outflow on Thursday following a 6-day streak that saw the funds take in more than $4.7 billion as BTC notched several new all-time highs.
The outflows were uneven—as if often the case. BlackRock's iShares Bitcoin Trust (IBIT) took in $125 million and the VanEck Bitcoin ETF (HODL) saw $2.5 million on Thursday, according to CoinGlass data.
Meanwhile every other fund in the category, including the Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), and Grayscale's Bitcoin Trust (GBTC) and Bitcoin Mini Trust ETF (BTC), saw a combined outflow of $530 million.
At the time of writing, the Bitcoin price appears to have been rangebound and has been trading sideways since rising as high as $93,477.11 on Wednesday—the first time it's ever risen above $93,000.
But then it's been stuck trading at or slightly below $90,000 since then. In fact, when the Bitcoin price sank after meeting resistance yesterday, it led to the liquidation of $444 million worth of derivatives contracts that were betting on BTC climbing higher.
Article
Ai Palette is a Singapore startup using AI to predict food trends for companies like Nestlé and Pepsi.
Their platform analyzes big data to help brands create popular products.
They're getting support from investors and the Singapore government itself. I think this will go far