Prominent asset manager Fidelity sold the most Bitcoin yesterday as US exchange-traded funds (ETFs) recorded their first outflow in three days.
The Fidelity Wise Origin Bitcoin Fund (FBTC), the second-largest Bitcoin spot ETF, sold a large volume of BTC yesterday. According to data from Sosovalue, the product dumped 1,075 BTC ($103 million), its second outflow in three days.
Notably, the significant asset liquidation on Thursday was the largest among other ETFs on the same day. This followed Bitcoin’s continued sideways trend, with the pioneering cryptocurrency retracing almost 3% from its daily high yesterday.
Fidelity Leads Outflow
The FBTC’s $103.25 million worth of Bitcoin sales accounted for 73.6% of the entire liquidation among US issuers yesterday. Notably, the investment vehicles sold a cumulative $140.30 million in BTC amid investor sell-offs.
Meanwhile, the other 26.4% came from the Grayscale Bitcoin Trust (GBTC), which sold 440 BTC ($42.21 million) on February 6. With the liquidation, GBTC has now recorded a cumulative net outflow of $21.91 billion.
Nonetheless, other ETFs, including the BlackRock iShares Bitcoin Trust (IBIT) and the ARK 21Shares Bitcoin Trust (ARKB), neither sold nor bought Bitcoin. The Grayscale Bitcoin Mini Trust (BTC) was the only product with a net inflow, buying Bitcoin worth $5.15 million.
The sell-offs on January 5 brought the cumulative net inflow for the over-one-year-old Bitcoin spot ETF market to $40.53 billion. Furthermore, the issuers hold a net asset of $113.51 billion, almost 6% of Bitcoin’s market cap.
Whales Accumulate Bitcoin Regardless
Despite the dip, whales remain keen on stacking Bitcoin. The growing optimism of a preposterous price appreciation in the near term has spurred these accruals.
Aside from US spot ETFs, large holders of the pioneering cryptocurrency have bought the dip. For context, whale accumulation addresses saw an inflow of over 30,000 BTC earlier in the week amid growing sentiments of an imminent price rebound.
Furthermore, since February, the number of addresses holding 100 BTC and above has increased by 135 as institutions increase their exposure to the premier asset. Analysis suggests such accruals suggest a positive disposition on Bitcoin’s long-term outlook.
At press time, Bitcoin trades at $97,410, with a slight 24-hour difference.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
