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Standard Chartered said the Bitcoin price could drop to the $50K-$52K range as out flows from US spot Bitcoin exchange-traded funds (ETFs) continue amid an uncertain macro outlook. Bitcoin dropped below $60,000 yesterday, and it was trading at around $57,700 as of 04:49 a.m. EST. While speaking to The Block, the head of digital assets and forex research at Standard Chartered Bank, Geoffrey Kendrick, said this drop coincides with increasing out flows from Bitcoin ETFs. On May 1, total net flows from spot Bitcoin ETFs reached $564 million after five consecutive days of out flows . 🚨 #Bitcoin ETFs Update (May 1) Fidelity Sells 3,300 BTC GBTC Sells 2,900 BTC ARK Sells 1,700 BTC Blackrock Sells 600 BTC Total Net Flows from all ETFs -9,750 #Bitcoin ($564M) pic.twitter.com/sRl6Jfz4JC — Thomas | heyapollo.com (@thomas_fahrer) May 2, 2024 Kendrick noted that Bitcoin was trading below the average price of $58,000 at which investors purchased the ETFs. Therefore, over h...

Bitcoin ETFs ended their 10-day streak of net inflows yesterday. The $154 million in net outflows coincided with a 6% decline in bitcoin’s price for the day, as well as a flash crash in the BTC/USDT pair to $8,900 on BitMEX. After $12 billion in net in flows since the SEC’s spot Bitcoin ETF approvals on January 11th, with $4.8 billion in the prior two weeks alone, Monday’s activity appears to have spooked Bitcoin investors, including ETF buyers. US-listed ETFs have become major holders of bitcoin, with some $60 billion in combined funds under management. As usual, Grayscale’s legacy fund GBTC led the outflows, siphoning $642.5 million out of the bitcoin ETF market. This dragged down $488.1 million in otherwise net positive flows of funds into bitcoin ETFs by BlackRock, Fidelity, Bitwise, WisdomTree, Ark, Invesco, Franklin, and VanEck. Explained: How bitcoin market sell orders cause flash crashes Read more: Explained: How bitcoin market sell orders cause flash crashes...

Digital assets manager CoinShares says institutions are pulling out of crypto exchange-traded products (ETPs) to the tune of $500 million weeks after the U.S. Securities and Exchange Commission (SEC) approved a spot BTC exchange-traded fund (ETF) earlier this month. In its latest Digital Asset Fund Flows report, CoinShares finds that even though crypto investment products saw massive out flows last week, Grayscale out flows are slowing down a bit. “Digital asset investment products saw significant out flows from a global perspective, totaling US $500 million… Recent price declines prompted by the substantial out flows from the incumbent ETF issuer (Grayscale) in the US totaling US $5 billion (since 11th January 2024), have likely prompted further out flows other regions. The out flows in Grayscale last week totaled US$2.2 billion, although data suggests out flows are beginning to subside as the daily total continued to reduce towards over the we...