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Bitcoin ETFs: Because Who Needs Actual Profits When You Can Have a Nice Big Hole in Your Wallet That Just Keeps Getting Deeper and Bigger

Crypto NewsRegulation/NegotiationRetail Investors 1 Kevin Nelson August 16, 2024

An illustration of an empty wallet with dollar signs falling out as it sinks into quicksand below; nearby, a large hole is visible where more money has been sucked down; above, several other wallets float on the surface but appear to be losing air and slowly descending. In the background, two figures in suits are shown arguing over which one of them should have invested their clients' funds in Bitcoin ETFs instead of actual profits. The scene takes place at sunset with a faint orange glow illuminating everything except for the dark hole below where all the money has disappeared.

The eternal optimism surrounding US bitcoin ETFs continues unabated! Because what’s not to be optimistic about? The fact that these funds have lost an eye-watering $18.3 million since Tuesday alone should give investors pause for thought. But no, the crypto bros are too busy high-fiving each other over Blackrock’s IBIT seeing a whopping 74.87 million increase in its holdings (342,658.96 BTC valued at more than $22 billion). Meanwhile five others recorded outflows and Grayscale’s GBTC took it on the chin with a staggering loss of $18.4 billion since becoming publicly traded

Source: bitcoin.com

US Bitcoin ETFs Record $18.3 Million in Net Outflows
https://news.bitcoin.com/us-bitcoin-etfs-record-18-3-million-in-net-outflows
On Tuesday, U.S. spot bitcoin exchange-traded funds (ETFs) experienced net outflows of approximately $18.3 million, contrasting with inflows observed in their ethereum counterparts. The most significant gain was recorded by Blackrock’s IBIT, while Grayscale’s GBTC suffered the largest losses. The total reduction across the 11 spot bitcoin ETFs amounted to $18.3 million, bringing cumulative net inflows down to $17.69 billion since Jan. 11, 2024. Notably, despite the overall decline, nine […]

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About the author

Kevin Nelson

Kevin’s foray into cryptocurrency trading was a full-scale disaster. His obsession with chasing trends and leveraging obscure assets led to a catastrophic loss of his entire life savings. Now, Kevin’s articles are a venomous mix of bitter humor and harsh reality checks, exposing the chaotic and treacherous world of crypto trading. His catchphrase: “I went from trading genius to broke fool in record time. Welcome to crypto—where the only thing guaranteed is your financial ruin.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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