Key Points
- US spot Bitcoin ETFs have reported net outflows for three consecutive days.
- Grayscale’s GBTC and Ark 21Shares Bitcoin ETF are largely responsible for these outflows.
Bitcoin exchange-traded funds (ETFs) in the US have seen a net decrease in funds for the third day in a row.
On the third day, more than $58 million was withdrawn, reducing the total net inflow to around $12.43 billion.
Major Outflows from GBTC and Ark 21Shares
The main contributor to these outflows has been the Grayscale Bitcoin Trust (GBTC), which saw nearly $79.4 million leave.
Data from SoSoValue revealed this significant decrease in funds.
The Ark 21Shares Bitcoin ETF also experienced net outflows, with approximately $12.88 million leaving the fund.
While most other Bitcoin ETFs saw minor inflows ranging from $1.37 to $3.56 million, the iShares Bitcoin Trust led the pack with inflows of $25.78 million.
Steady ETF Volumes in April
Throughout April, the volumes of Bitcoin ETFs have remained steady following a decline from their peak in early March.
As of Monday, the total volumes exceeded $215 billion.
The flows in both directions have also contracted, with inflows and outflows of Bitcoin ETFs steadily becoming more balanced since March.
The price of Bitcoin is currently trading above $64,300 and has increased by over 2.6%. The leading cryptocurrency’s block-reward halving is expected to occur on Friday.