Key Points
- US spot bitcoin ETFs experienced net outflows, primarily due to Grayscale's GBTC ETF's $303 million outflow.
- Despite this, Bitwise Bitcoin ETF and BlackRock's iShares Bitcoin Trust saw net inflows.
Despite a consistent inflow in the past four days, spot Bitcoin exchange-traded funds (ETFs) in the US witnessed net outflows yesterday.
The primary contributor to this trend was Grayscale's GBTC spot ETF, which had a net outflow exceeding $303 million in a single day.
Other Bitcoin ETFs See Inflows
Despite the massive outflow from Grayscale's GBTC, other Bitcoin ETFs experienced net inflows.
The Bitwise Bitcoin ETF led the pack with a net inflow exceeding $40 million.
Following closely was BlackRock's iShares Bitcoin Trust with a net inflow exceeding $21 million, as per SoSoValue data.
When combined, the total net outflow from spot Bitcoin ETFs was nearly $224 million.
Weekly Trends
Looking at the past week, almost $1 billion in Bitcoin flowed into US Bitcoin ETFs.
BlackRock's product consumed the majority of this influx.
However, overall cumulative spot Bitcoin ETF volumes have been on a steady decline since their peak in early March.
Bitcoin's price is currently above $70,500.
