Bitcoin Price Dip Triggers $277.5M Outflow from Spot ETFs
Bitcoin's recent price drop below $80,000 has caused investors to rethink their strategies. Spot Bitcoin ETFs recorded net outflows of $277.5 million on May 7, ending a five-day inflow streak that had brought in nearly $1.7 billion.
The Fidelity Wise Origin Bitcoin Fund (FBTC) led all outflows at $129 million, followed by BlackRock's iShares Bitcoin Trust ETF (IBIT) at $98 million. The Morgan Stanley Bitcoin Trust ETF (MSBT), however, stood apart from the trend, recording $7.3 million in inflows on Thursday.
Since its April 8 launch, MSBT has accumulated 2,920 BTC, valued at roughly $232.6 million, representing a 557% increase in assets held for customers. The Grayscale Bitcoin Mini Trust ETF (BTC) was the only other fund to record inflows on the day.