GBTC Outflows Dominate Spot Bitcoin ETF Inflows

Fund • April 9, 2024, 2:54 a.m. EDT

Published 1 minute ago on

UPDATED: April 9, 2024, 6:12 a.m. EDT

Bitcoin spot exchange-traded funds in the United States saw net outflows yesterday after four straight days of inflows.

The main reason was Grayscale’s GBTC spot ETF, which saw a single-day net outflow of over $303 million. All other Bitcoin ETFs saw net inflows – led by Bitwise Bitcoin BTC

+0.17%

ETF’s net inflow of over $40 million and iShares Bitcoin Trust’s net inflow of over $21 million from BlackTock – according to data from SoSoValue.

Taken together, total net outflows among spot bitcoin ETFs amounted to nearly $224 million.

If we look at last week, almost a billion dollars in bitcoins flowed in US Bitcoin ETFs – with BlackRock’s product devouring the lion’s share.

Overall, cumulative spot Bitcoin ETF volumes have declined at a steady rate since peaking in early March.

The price of Bitcoin is currently above $70,500, according to The Block’s Bitcoin Price page.

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About the Author

Adam is editor-in-chief for Europe, the Middle East and Africa. He is based in Central Europe and was an editor and podcast host at crypto exchange OKX’s former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he grew into one of the leading crypto media brands during his peak as editor-in-chief. Previously, he was the editor-in-chief of Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].

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