Key Points
- US spot Bitcoin ETFs experienced a net outflow of $139.88 million for the fifth consecutive day.
- BlackRock’s IBIT was the only fund to register net inflows, while others like Grayscale’s GBTC and Fidelity’s FBTC saw significant outflows.
US-based Bitcoin exchange-traded funds (ETFs) have seen a notable decrease in investment, marking the fifth day of net outflows. A total of $139.88 million was withdrawn from these funds on Thursday.
Outflows from Major Funds
Grayscale’s GBTC experienced the largest daily net outflow, losing $53 million. This was closely followed by Fidelity’s FBTC, which posted outflows of $51 million. Other funds such as Bitwise’s BITB, VanEck’s ETF, and the joint fund from Invesco and Galaxy Digital also reported net outflows.
Contrary to this trend, BlackRock’s IBIT, the largest spot Bitcoin ETF in terms of net asset value, saw $1 million in net inflows. The fund also recorded a daily trade volume of $565 million on Thursday. Meanwhile, other funds from Ark Invest, Valkyrie, Franklin Templeton, WisdomTree, and Hashdex recorded zero flows.
Trading Volume and Market Developments
The total trading volume for these ETFs came to $1.16 billion on Thursday, a decrease from Tuesday’s $1.7 billion. Since their launch in January, the 11 spot Bitcoin funds have collectively seen a total net inflow of $14.67 billion as of Thursday.
In other news, Australia’s largest stock exchange, ASX, listed its first spot Bitcoin ETF on Thursday. The VanEck Bitcoin ETF, which operates as a feeder fund that provides Bitcoin exposure by investing in the US-listed VanEck Bitcoin Trust.
Meanwhile, in the US, ETF issuers are preparing to launch the country’s first batch of spot Ethereum funds. These issuers are currently working to re-submit amended forms by Friday, after receiving comments from the Securities and Exchange Commission.
