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More than $500 Million Leaves From Spot Bitcoin ETFs, Worse Day By Far Says Analyst

Published:

  • Spot Bitcoin ETFs recorded a massive outflow of $500 million on May 1.
  • A prominent crypto investor, Qiao Wang analyzed the outflow, noting that it’s the “worst day by far for BTC ETFs.”
  • The drastic decline of Bitcoin’s price to two-month lows impacted the BTC ETFs’ outflow.
  • Fidelity Investment’s ETF (FBTC) saw a loss of $191 million on May 1, standing as the largest loser for the day.
  • May 1 marked the sixth “red” day for spot BTC ETFs consecutively.

The spot Bitcoin ETF market seems to be in tension amid BTC’s price drop to two-month lows. A prominent crypto investor and co-founder of Messari, Qiao Wang took to X to discuss the spot Bitcoin ETF market.

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In his post, Wang tagged the May 1 as the “worst day by far” for spot BTC exchange-traded funds. He noted that the products cumulative lost $500 million during the day.

qw

Source: X Platform – QwQiao

Fidelity Investment’s ETF (FBTC) lost a whopping $191 million over the past day. This brought the ETF as the biggest loser for the day.

Moreover, the cumulative loss by Grayscale’s GBTC and ARK’s ARKB amounted to over 50% of the total losses.

Spot Bitcoin Etfs Are In “Paper Hands”

Further, Wang’s analysis of the trend in the spot BTC ETF market aligned with that of Jim Bianco. He concurred with the latter’s title perception that “paper hands” are the current spot Bitcoin ETF holders.

Wang stated: “@biancoresearch was right that etf holders were paper hands, fomoing on the way up jeering on the way down.

Also, the investor expressed his optimism about seeing new generations of the spot ETF holders. According to him, the phase will introduce a set of institutional buyers he tagged as “diamond hands.”

Additionally, the spot BTC ETF market has been struggling with trades for a few days including April 24, 25, and 30.

Moreover, the loss on May 1 marked the sector’s sixth day of consecutive outflows since last week.

As of 01:05 PM EST on May 2, Bitcoin trades at $59,101, reflecting a surge of 3.88% over the past 24 hours. However, the primary crypto token is still 19.97% down from its all-time high of $73,750 in March.

 

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