9 Bitcoin ETFs Dump 8,107 BTC as Market Sentiment Takes a Hit, Reports Lookonchain
According to Lookonchain, a renowned Web3 data analytics platform, 9 exchange-traded funds (ETFs) have recently sold off a total of 8,107 Bitcoin, amounting to approximately $478.22 million. Lookonchain’s X account provided insights into these ETFs and their Bitcoin decreases.
In a May 2 update, Lookonchain revealed that major ETF Blackrock reduced its Bitcoin holdings by 638 BTC, equivalent to a decrease of around $37.62 million. This reduction marks Blackrock’s first-ever Bitcoin dump. Fidelity, another prominent ETF, also decreased its Bitcoin balance by 3,323 BTC, representing a decrease of approximately $196 million. Grayscale followed suit with a decrease of about 1,588 BTC, totaling $93.66 million.
Other ETFs that joined the selling spree include ARK 21Shares Bitcoin ETF, which sold nearly 1,694 BTC, Bitwise Bitcoin ETF, which dumped 502 BTC, Valkyrie Bitcoin Fund, which shed 167 BTC, and Franklin Bitcoin ETF, which reduced its holdings by around 232 BTC. Such significant sell-offs have fueled speculation about the future trajectory of the leading cryptocurrency.
Similar to other risk assets, Bitcoin is showing sensitivity to anticipated changes in liquidity conditions. As a result, the token experienced a short-lived rally, reaching $59,430 with a $2,810 gain. However, this surge was quickly reversed, pushing the price back to nearly $57,300.
In a separate development, the introduction of ETFs in Hong Kong failed to ignite market sentiment as disappointing trading volumes at the launch affected the overall crypto market.
(Source: Lookonchain)