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Despite the sharp decline in Bitcoin (BTC) prices, long-term investors in spot ETFs have not engaged in panic selling, CNBC reported.
The outlet explained, “Over the past three months, there have been $2.8 billion in net outflows from BlackRock’s IBIT and about $5.8 billion from all Bitcoin spot ETFs combined. However, total inflows over the past year still exceed $14.2 billion. The recent outflows are attributed more to hedge funds and short-term speculative players reducing their positions rather than long-term investors.”
It added, “Bitcoin’s status as digital gold is being challenged. The fact that Bitcoin has fallen sharply while safe-haven assets such as gold are strengthening undermines confidence in its role as a store of value.”
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