prices fell notably on Friday, driven by substantial outflows from BTC exchange-traded funds during the week and decreased enthusiasm for crypto assets amid the ongoing higher-for-longer interest rate narrative that continues to bolster the US dollar.
According to data from SoSoValue, the 11 listed ETFs lost $140 million on Thursday, with trading volumes reaching $1.1 billion. Grayscale’s GBTC, which has experienced frequent outflows since its conversion to an ETF in January, led the outflows with $53 million, followed by Fidelity’s FBTC at $51 million.
This recent outflow activity is the worst since late April, when total net outflows reached $1.2 billion during trading sessions from April 24 to May 2. Inflows picked up thereafter, adding more than $4 billion over the following 19 trading days, before the current wave of outflows began on June 10.
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