U.S. Bitcoin exchange-traded funds (ETFs) have experienced a dramatic period of outflows, with nearly $1.2 billion pulled from these funds over just eight days up to September 6.

This represents the longest run of daily net outflows since their launch at the start of 2024, reflecting growing unease among investors as global markets face economic uncertainty.

The outflows from the 12 U.S. Bitcoin ETFs, including funds managed by well-known financial giants like Fidelity, Grayscale, and Bitwise, have spooked many in the bitcoin market.

The largest withdrawals included $211 million in just one day, with Fidelity’s Bitcoin ETF, FBTC, seeing $149.5 million of outflows in one…

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Metaplanet, the Tokyo-based investment powerhouse often dubbed “Asia’s MicroStrategy,” has strategically enhanced its Bitcoin holdings with a new purchase of ¥300 million ($2 million), totaling over 38.4 BTC. This latest acquisition elevates the firm’s total Bitcoin assets to approximately 398.8 BTC, valued at around $22.7 million. The move aligns with its ongoing strategy to strengthen its position as a leading crypto-focused entity in Asia.

In tandem with this acquisition, Metaplanet announced a partnership with SBI Group’s crypto investment arm, SBI VC Trade, aimed at refining its Bitcoin trading and custody solutions. This collaboration will leverage SBI’s expertise to ensure tax-efficient, compliant custody services and utilize Bitcoin as collateral for financing, enhancing Metaplanet’s financial agility.

Despite a challenging market environment, Metaplanet’s management remains bullish on Bitcoin, viewing it as a crucial treasury reserve asset. This optimism is backed by recent corporate actions to secure funds for further Bitcoin investments, reinforcing its commitment to providing robust crypto exposure to domestic investors.

The daily net flow of Bitcoin ETFs in the U.S. provides a snapshot of investor sentiment and market dynamics as of September 9, 2024. The data presents a mixed picture with varying degrees of net inflows and outflows among different ETFs, reflecting the volatility and changing preferences in the cryptocurrency investment landscape.

BlackRock’s IBIT leads with significant holdings of 357,436 BTC, though it experienced a slight net outflow of 73 BTC. Grayscale’s GBTC, another major player, holds 223,728 BTC with a more substantial net outflow of 424 BTC. Fidelity’s FBTC showed the largest outflow among the listed ETFs, dropping by 1,596 BTC from its holdings of 171,122 BTC.

On the other hand, ETFs like VanEck’s HODL, Invesco Galaxy’s BTCO, and Franklin Templeton’s EZBC reported no changes in their holdings, indicating a stable investor interest on that particular day.

In total, the ETFs listed hold an impressive 897,806 BTC, equivalent to approximately $50.7 billion. However, they experienced a collective net outflow of 2,657 BTC, valued at around $150.1 million, suggesting a cautious or realigning approach among investors at the time. This daily flow data is crucial for understanding the short-term movements within the U.S. Bitcoin ETF market and can serve as a bellwether for broader market sentiments.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Bitcoin could skyrocket to new heights with a potential Donald Trump victory in the upcoming U.S. elections, predicts brokerage firm Bernstein. Their latest analysis suggests that Bitcoin might surge to $90,000 by year-end if Trump, who has pledged to make America the global hub for cryptocurrencies, wins the November election. Trump’s proposals include significant crypto-friendly initiatives such as appointing a pro-crypto SEC chairman and establishing a national strategic Bitcoin reserve.

On the flip side, a win by Kamala Harris, who has yet to mention cryptocurrency in her campaign, could see Bitcoin values plummet to the $30,000-$40,000 range. Analysts at Bernstein highlight Trump’s enthusiastic crypto endorsements in every policy speech, contrasting sharply with Harris’s silence on the topic.

Bernstein analysts believe that a supportive crypto regulatory environment under a Trump administration could revitalize innovation and attract more users to blockchain financial products. They suggest that betting on cryptocurrencies this election is effectively a wager on Trump’s success.