The Bitcoin spot exchange-traded fund (ETF) recorded a net outflow of more than $500 million (about 7.1 trillion won). This is the fifth largest outflow since its launch in January last year.
According to blockchain media The Block on the 25th (local time), Fidelity's Wise Origin Bitcoin Fund (FBTC) saw a net outflow of $247 million. This was followed by BlackRock's iShares Bitcoin Trust (IBIT) with $158.6 million and Grayscale's Bitcoin Trust (GBTC) with $59.5 million.
The outflow trend of Bitcoin spot ETFs is continuing. On the 24th, a total of $516.4 million (about 7.4 trillion won) was net outflow. This is the largest figure since the record high of $671.9 million (about 9.62 trillion won) on December 19 last year. $78 million (about 111.5 billion won) was also outflowed from the US Ethereum spot ETF.
The recent net outflow from the cryptocurrency market is believed to be due to the hacking incident by the North Korean hacking group 'Lazarus', which is suspected to have occurred on the 21st, dampening investment sentiment. At one of the world's largest cryptocurrency exchanges, Bybit, coins worth $1.46 billion (about 21 trillion won) were stolen in a hacking incident. The Bybit hacking incident is the largest on record, amplifying concerns about the security of digital asset platforms.
Valentin Fournié, Chief Analyst at digital asset analysis firm BRN, analyzed that "the net outflow from cryptocurrency ETFs is continuing the longest redemption period, suggesting that early investors have already completed their investments."
Meanwhile, as of 12:00 pm on the 26th, BTC is trading at $88,957, down 3.72% from the previous day, according to the cryptocurrency market tracking site CoinMarketCap.
