Bitcoin ETFs have experienced their longest period of investor outflows since their launch. Over the past eight days, Bitcoin ETFs have lost $1.2, Bloomberg reported.
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According to the agency, investors are moving money from exchange-traded funds to Bitcoin amid deflationary pressure in China and global concerns about economic growth.
Bloomberg, meanwhile, expects US unemployment to decline to 4.2% in August 2024 and new jobs to rise to 142,000, which is lower than analysts’ forecasts. General uncertainty is affecting the stock and cryptocurrency markets. The Bitcoin rate, for example, fell by 7% in September.
The Securities and Exchange Commission (SEC) approved a Bitcoin ETF in January 2024. After this, funds from large investment companies began to attract funds from investors. In March, the Bitcoin ETF set a record in terms of the volume of daily fund inflows: it amounted to more than $1 billion.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
