Key Points
- U.S. spot Bitcoin ETFs record net outflows again, with Grayscale’s GBTC total outflows surpassing $15 billion.
- Despite net inflows last week, Monday saw a net outflow of $85.7 million, led by Grayscale's GBTC fund.
The combined U.S. spot Bitcoin exchange-traded funds (ETFs) saw a return to net outflows on Monday. This comes after recording net inflows every trading day the previous week, which amounted to $860 million.
Details of the Outflows
The $165.9 million inflow from BlackRock’s dominant IBIT ETF was insufficient to counterbalance the $302.6 million outflow from Grayscale’s GBTC fund. This resulted in a total net outflow of $85.7 million on Monday, according to data from CoinGlass.
Fidelity’s FBTC saw the second-highest inflow with $44 million on Monday, followed by Invesco’s BTCO with $4.2 million. Ark Invest 21Shares’s ARKB ETF, however, experienced its first outflows since trading began on Jan. 11, losing $300,000. The remaining funds saw inflows ranging from zero to $2 million. Currently, total net inflows stand at just over $12 billion.
GBTC Outflows Surpass $15 Billion
Total outflows from Grayscale’s GBTC fund have now exceeded $15 billion. Earlier this month, a report from Coinbase suggested that the potential sale of 35.9 million GBTC shares by Genesis Global Holdco LLC, valued at around $2 billion, might have contributed to the recent selling pressure on GBTC.
The decrease in outflows from Grayscale’s GBTC fund from a peak of $642.5 million on March 18 to $104.9 million on March 28 led some analysts to speculate that this selling pressure was slowing. However, the outflows on Monday indicate a jump back above its daily average of $274 million.
The U.S. spot Bitcoin ETFs generated $3.03 billion in trading volume on Monday. BlackRock’s IBIT led the pack with $1.37 billion, followed by Grayscale’s GBTC and Fidelity’s FBTC with $806 million and $556 million, respectively. However, daily trading volumes have been on a downward trend since peaking at $9.93 billion on March 5.
Bitcoin is currently trading at $66,007, down 4.5% over the last 24 hours. The market volatility led to over $135 million of Bitcoin positions being liquidated in the past 24 hours, $93 million of which were long positions.
