Bitcoin held above $71,000 despite continued outflows from U.S.-listed Bitcoin ETFs.
- Bitcoin ETFs recorded nearly $94 million in net outflows in the latest session.
- Morgan Stanley’s MSBT attracted over $30 million in inflows following its debut.
- BlackRock’s IBIT continued to lead in inflows despite weaker retail sentiment on Stocktwits.
Bitcoin (BTC) price held above $71,000 on Thursday morning, but Bitcoin exchange-traded funds (ETFs) continued to bleed despite the newest entrant, Morgan Stanley’s Bitcoin ETF (MSBT), clocking $31 million in inflows.
Data from Farside Investors showed Bitcoin ETFs saw a daily cumulative net outflow of nearly $94 million during the previous session, led by $79 million leaving the Fidelity Wise Origin Bitcoin Fund (FBTC) and $74.7 million from ARK 21Shares Bitcoin ETF (ARKB). This comes after the ETFs bled nearly $160 million on Monday.
On Stocktwits, retail sentiment around FBTC improved to ‘neutral’ from ‘bearish’ territory while sentiment around Ark Invest’s ARK remained in the ‘bullish’ zone.
ETF Outflows Persist Despite MSBT Launch
Data also showed that MSBT saw $30.6 million in inflows alongside $34 million in trading volume for the day, but still lagged behind BlackRock’s iShares Bitcoin ETF (IBIT) inflows of over $40 million. Retail sentiment around MSBT improved to ‘bullish’ from ‘neutral’ over the past day; however, sentiment around IBIT remained in the ‘bearish’ zone.
Many users on Stocktwits were 'bullish' on MSBT due to its ultra-low fees. One retail trader on the platform said that MSBT might be able to give IBIT a run for its money.
FBTC, ARKB, MSBT, and IBIT edged lower in pre-market trade amid Bitcoin’s stagnation at $71,000. Bitcoin’s price edged 0.8% lower in the last 24 hours, trading at around $71,068 at the time of writing. Retail sentiment around the apex cryptocurrency on Stocktwits trended in ‘neutral’ territory amid ‘normal’ levels of chatter.
