Welcome to Extreme Investor Network, where we provide you with the latest and most valuable information on the stock market, trading, and Wall Street. Today, we are diving into the US BTC-Spot ETF market, which recently recorded weekly outflows.
In the week ending August 9, the US BTC-spot ETF market saw total net outflows of $167.0 million, following outflows of $80.7 million the previous week. This data, provided by Farside Investors, sheds light on the movement of funds within the cryptocurrency market.
Specifically, key players in the market experienced both outflows and inflows. Grayscale Bitcoin Trust (GBTC) saw net outflows of $391.8 million, while iShares Bitcoin Trust (IBIT) reported net inflows of $219.7 million. These fluctuations reflect the dynamic nature of the cryptocurrency market.
While these outflows partially offset BTC demand, oversupply risks remain a concern. The Mt. Gox and the US government hold significant BTC stockpiles, adding to the potential oversupply in the market.
In light of these developments, Bitcoin (BTC) experienced a 3.81% increase to $60,524 from Monday, August 5 to Saturday, August 10. Despite a temporary tumble due to expectations of narrowing interest rate differentials between the US and Japan, BTC rebounded thanks to positive US jobless claims data and support for Fed rate cut bets.
As we navigate the ever-changing landscape of the cryptocurrency market, it is essential to stay informed and adapt to new developments. Stay tuned to Extreme Investor Network for more insights and analysis on the stock market, trading, and all things Wall Street.