Bitcoin’s price has now corrected approximately 6% since the all-time high break on Nov. 13.

U.S.-listed bitcoin (BTC) exchange-traded funds (ETFs) saw their third-largest outflow since launch, seeing $400.7 million being drained on Thursday, according to Farside data.

During yesterday’s trading, bitcoin witness low of around $86,600 and highs of near $92,000. Bitcoin has corrected nearly 6% from its all-time high on Nov. 13, when it pushed past $93,000.

This price action isn’t too concerning, as typically, once bitcoin sets new all-time highs, investor tend to take out their profits. In the past three days investors have cashed in $15 billion, according to Glassnode data. Bitcoin has soared over 25% since Donald Trump was elected the new U.S. president, earlier in the month.

BlackRock’s IBIT saw inflows of $126.5 million, continuing the trend of strong inflows since Nov. 7. However, Fidelity’s FBTC saw outflows of $179.2 million, Bitwise BITB saw $113.9 million being drained, Ark’s ARKB bled $161. 7 million, while both Grayscale products saw combined outflows of $74.9 million.

Since the launch of the ETFs, Thursday was the third worst day for the bitcoin-linked products. Interestingly, the other two times the ETFs saw outflows of over $400 million was on Nov. 4 ($541.1 million), just prior to the U.S. election, and May 1 ($563.7 million). On Nov. 4, bitcoin bottomed around $67,000 before going on a tear all the way to over $93,000. While the May low coincide with a bottom at just under $60,000.

We will have to wait and see if the ETF flows signal another bottom and history repeats itself.

On the other hand, ether (ETH) ETFs saw their first outflow in nearly two weeks, with investors taking out $3.2 million.

The post Bitcoin ETFs Witness Third Highest Outflow Since Launch, the Other Two Times Foreshadowed Price Bottoms appeared first on Crypto Insider.

BlackRock’s IBIT was the only ETF posting a net inflow on Thursday, while most of the funds recorded outflows.

U.S.-listed bitcoin (BTC) exchange-traded funds (ETFs) posted over $226 million in net outflows on Thursday for a third day of outflows this week and reminiscent of the stream of withdrawals that occurred at the end of April.

Fidelity’s FBTC recorded the highest outflow, with $106 million withdrawn, preliminary data from SoSoValue shows. Grayscale’s GBTC recorded $62 million in outflows, and Ark Invest’s ARKB saw $53 million taken out.

Only BlackRock’s IBIT recorded a net inflow, gaining $18 million. The ETFs offered by Valkyrie, Franklin Templeton, Hashdex and WisdomTree showed no inflow or outflow activity.

Wednesday was the only day this week that registered a net inflow of these U.S.-listed products, which added $100 million on the day. The activity comes amid a generally volatile week for bitcoin and the broader crypto market, centered on Wednesday’s key U.S. inflation report and Federal Reserve meeting.

The withdrawals bring the net amount taken out of the exchange-traded funds to $564 million in three days. That’s about half the $1.2 billion taken out of six days at the end of April.

U.S. inflation came in lower-than-expected, briefly boosting bitcoin prices to $70,000 from $68,000 before tumbling back under $67,000 as traders likely took profits on the move.

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