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Largest Bitcoin ETF Records USD500M+ Outflow; Analysts: Funds Shifting to Gold
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BlackRock (BLK.US)'s flagship spot Bitcoin ETF, iShares Bitcoin Trust, recorded an outflow of around USD523 million on Tuesday, marking the largest single-day redemption since the fund's launch in January 2024, foreign media reported, citing data from Farside Investors. Bitcoin briefly slipped below the USD87,000 level to reach a seven-month low, reflecting the overall weakness in the cryptocurrency market. Meanwhile, gold prices have recently shown resilience, prompting renewed market skepticism about Bitcoin's ability to serve as a hedge asset or replace gold. Some analysts suggested that certain investors might be shifting from Bitcoin to gold to adjust their asset allocations. AAStocks Financial News |
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