Key Points
- US-listed spot bitcoin ETFs experienced net outflows of $15.64 million, breaking a two-day inflow streak.
- Grayscale’s Bitcoin Trust was the main source of outflows, while other bitcoin ETFs recorded inflows or no net flows.
Spot exchange-traded funds (ETFs) for Bitcoin in the US witnessed total net outflows amounting to $15.64 million. This ended a short-lived two-day period of inflows and brought back the recent trend of outflows.
Outflows and Inflows in Bitcoin ETFs
The primary contributor to these outflows was Grayscale’s Bitcoin Trust, which saw $29 million exiting GBTC. Prior to this, the trust recorded two back-to-back days of net inflows, following the end of a 78-day outflow streak.
In contrast, other spot Bitcoin ETFs recorded either positive net inflows or no net flows. For instance, the Fidelity Wise Origin Bitcoin Fund saw a net inflow of $4 million. Similarly, the ARK 21Shares Bitcoin ETF and Invesco Galaxy Bitcoin ETF experienced inflows of $3 million and $6 million, respectively.
Trends in the Bitcoin ETF Market
Since their listing, the cumulative total net inflows into US-listed spot Bitcoin ETFs have dropped to $11.76 billion. The spot Bitcoin ETF market, which was buzzing post-listings, has cooled down. The trading volumes have been consistently declining since reaching a peak on March 5. The cumulative volume is nearing the $250 billion mark.
